DeepSeek
What DeepSeek is up to now
V4 shipped (open weights); reportedly weighing a $71B raise and a 2026 IPO. Part of China's full-stack decoupling, moving as a bloc with the other domestic labs rather than as a lone story.
as of 2026-07-24
Sphere china
Pocket
Frontier labs
The metrics
- Posture high
- expanding 2 src →
- Capital · available high
- SUPERSEDES the Apr-2026 $300M/$10B report — DeepSeek closed a $7-7.4B first external round in Jun-2026 at a ~$50-52B post-money valuation; a second round seeking $1.5B at a reported $71-74B … 9 src →
- Capital · operating high
- no revenue disclosed — 'focuses on research, no immediate commercialization plans'; V3 training cost ~$5.576M (official technical report); V4 (Apr-2026) training cost NOT disclosed in any … 4 src →
- Capital · deployed high
- GPU stockpile already in hand (~10,000 pre-2021 A100s + Fire-Flyer 2's 5,000 A100s in 625 nodes) — capital is compute-owned, NOT new external commitments; China has since granted DeepSeek … 4 src →
- Capital · in low
- High-Flyer hedge-fund backing + the $7-7.4B first external round (Jun-2026, closed) + an attempted-then-paused $1.5B second round (Jul-2026); ultra-cheap API (V2 at 2 RMB per million output … 4 src →
- Capital · out high
- lean compute — training costs cited in low-single-digit $M; no confirmed large external multi-year compute commitment (export-locked, though China has granted conditional H200 access, and a … 1 src →
- Optionality low
- constrained — founder-controlled but compute export-locked and carrying reported PLA / state-lab ties; two new pulls in opposite directions since 2026-07-26: (a) China has eased chip … 5 src →
- Gravity low
- no clean $ figure — heavy open-weight adoption + ultra-cheap API (impact proxy: #1 US iOS app, ~$600B Nvidia 1-day loss Jan-2025). New 2026-07-28 proxy data: Chinese open-weight models … 5 src →
Holdings
Deepseek v4
Projects & threads
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China's Stack
border dispute
— open · last seen 2026-07-26
· 10 entries
Full item history for DeepSeek →
Vocabulary