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.

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Listed Companies Unintentionally Disclose DeepSeek Valuation

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