DeepSeek Taps CITIC Securities for Potential Shanghai IPO

Chinese artificial intelligence startup DeepSeek has tapped CITIC Securities to prepare for a potential initial public offering on Shanghai’s tech-focused STAR Market, according to two people familiar with the matter. The Hangzhou-based company aims to begin the IPO process this year, although the timing, size of the offering and target valuation have not yet been determined.

The move signals progress in DeepSeek’s listing plans as the company seeks fresh capital to expand computing infrastructure, develop AI models and attract and retain talent amid intensifying competition. Reuters reported in July that DeepSeek was in the midst of a funding round that could value the startup at 500 billion yuan ($75 billion). The company raised about $7.4 billion in June at a post-money valuation of more than $50 billion, according to sources and investor filings.

DeepSeek’s IPO push comes as Chinese and U.S. AI firms increasingly turn to public markets to fund the enormous costs of AI development. Chinese rivals Z.AI and MiniMax have already listed in Hong Kong this year, while Moonshot has confidentially filed for a Hong Kong IPO. DeepSeek founder Liang Wenfeng is also seeking stronger financial incentives to retain key researchers as the company faces talent losses to better-funded rivals such as ByteDance and Xiaomi.

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