Chainfir Capital sees capital discipline in DeepSeek's RMB 100 billion raise at flat valuation

• Chainfir Capital viewed DeepSeek's flat valuation despite a larger fundraising round as evidence of capital discipline in China's AI industry.
• The October 22 report put DeepSeek's second external round near RMB 100 billion, with its pre-money valuation unchanged at roughly RMB 500 billion.
• Industry-aligned investors dominated the round, linking funding to demand for models, computing capacity and energy rather than valuation gains.
• Annualized revenue reportedly exceeded $1 billion, up from under $500 million months earlier, despite API price increases.
• Proceeds will fund data centers and open-source models; a STAR Market IPO could follow in 2027, with filing possible by year-end.

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