Listed Companies Unintentionally Disclose DeepSeek Valuation
量子位 · wechat · 2026-07-17
By analyzing investment announcements from listed companies like Krun and By-health, this article deduces the approximate valuation of DeepSeek's first external funding round and maps out the investment chain.
Key Info
- Krun's announcement indicates a穿透后 indirect stake of about 0.0114% in DeepSeek. Based on a 40 million yuan investment, this implies a DeepSeek valuation of around 350.88 billion yuan.
- A same-day announcement from By-health confirmed that DeepSeek is the underlying target of their related fund. Previously, Reuters offered a different metric: DeepSeek's post-money valuation in its June funding round was about 450 billion yuan.
- Discrepancies between these figures may stem from entry timing, specific terms, pre/post-money valuation metrics, or different holding platforms. Neither DeepSeek nor the investors have officially confirmed these numbers.
- Reuters also reported that DeepSeek might be planning a new funding round targeting a valuation of about 500 billion yuan, with rumors of considering a STAR Market IPO application within the year.
Background
- The listed companies that unearthed these valuation clues have core businesses largely unrelated to AI: Krun manufactures bags and luggage, while By-health focuses on health supplements.
- Because listed companies must disclose the progress of external investments, these otherwise inconspicuous financial bets have become a window for the public to gauge DeepSeek's pricing.
Related event: DeepSeek Closes $7.4 Billion Funding Round(2 posts)→
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