DeepSeek 完成首轮外部融资，估值超 500 亿美元

DeepSeek takes outside money for the first time at a $50 billion valuation

AI 导读

中国 AI 初创公司 DeepSeek 完成首轮外部融资，募资超 500 亿元人民币（约 74 亿美元），估值超 500 亿美元。投资结构特殊：多数投资者将资金投入 CEO 梁文锋管理的有限合伙企业，无投票权且锁定期五年；仅国资 AI 基金直接投资并保留投票权。创始人梁文锋个人投入约 200 亿元，腾讯和宁德时代为主要外部投资者。梁文锋表示优先基础 AI 研究与 AGI 开发，将继续开源。DeepSeek 去年初凭 V3、R1 模型获全球关注，今年 4 月发布运行于华为芯片的最大开源权重模型 V4，并将 V4 Pro 永久折扣 75%，输入价格约为 OpenAI GPT-5.5 的 1/11，输出价格约为 1/35。

推荐理由

DeepSeek 首次外部融资估值冲到 500 亿美元，交易结构却排除了投资人话语权，看得出梁文锋仍把控制权抓得很紧，开源路线和极致性价比是最大的筹码。

正文 · 原文

Chinese AI startup DeepSeek has raised more than 50 billion yuan - about $7.4 billion - in its first external funding round. The company's valuation now tops $50 billion, The Information reports. As recently as April, the numbers being floated were at least $300 million at a $10 billion valuation.

The deal structure is unusual. Investors had to put their money into a limited partnership managed by CEO Liang Wenfeng, not directly into DeepSeek. They have no voting rights and face a five-year lock-up period. The only exception is China's state-backed AI investment fund, which invested directly and keeps its voting rights. Founder Liang himself put in about 20 billion yuan, according to Reuters. Tencent and battery maker CATL are among the biggest outside backers. Liang had told investors ahead of the round that he prioritizes foundational AI research and AGI development over short-term profits and plans to keep building open-source models.

DeepSeek gained global attention early last year with its V3 and R1 models. In April 2026, the company followed up with V4, the largest open-weights model to date, which runs on Huawei chips. DeepSeek is also squeezing US rivals on price. The company made its 75 percent discount on V4 Pro permanent, making the model roughly 11 times cheaper on input and 35 times cheaper on output than OpenAI's GPT-5.5. Still, DeepSeek's valuation is modest compared to OpenAI and Anthropic, which are both approaching the trillion-dollar mark.