DeepSeek's financing amount is being hyped up wildly: entry fee exceeds 15%, with profit sharing up to 40%.

动察 Beating AI Flash: DeepSeek is in the midst of a new funding round with a pre-money valuation of approximately $71 billion. Just a month ago, the company completed its first funding round at a valuation of around $52 billion, raising $7 billion. In merely one month, the valuation has surged by about 37%. Even with requirements for a 5-year lock-up period and no voting rights in the new round, investors are still scrambling for allocation.

Those unable to secure direct shares are entering indirectly through institutions that have obtained allocations. These institutions set up SPVs (special purpose vehicles created for a single investment) and then raise funds from external investors. Some charge a 6% entry fee at the first tier, which rises to 8% at the second tier; lower-tier channels charge over 15%, and after profits are realized, they take up to 40% as a cut.

Similar SPVs typically charge only about 2% upfront fees and a 20% profit share.

These off-market arrangements were not initiated by DeepSeek. According to FT, Liang Wenfeng has begun personally reviewing the final investor list, scrutinizing the backers behind the capital to prevent shares from ultimately falling into unidentified entities and to mitigate governance risks for a future IPO stemming from a complex shareholder structure.