HomeDeepSeek Eyes National Big Fund as Lead Investor, Valuation Nears $45B
On May 6, the Financial Times reported that the National Integrated Circuit Industry Investment Fund (commonly known as the "Big Fund") is in discussions with DeepSeek about its first-round financing and is expected to lead the investment. The valuation is approaching $45 billion, double the roughly $20 billion figure from initial talks just a few weeks ago, reflecting a rapid reassessment by capital markets of DeepSeek's technological roadmap and commercial potential.
The report notes that while DeepSeek remains primarily focused on large language model development with limited commercial traction so far, investors are still optimistic about its long-term growth prospects. Besides the Big Fund, Chinese tech firms like Tencent have also been reported to be involved in the discussions, though the final investor lineup has yet to be confirmed.
As the most prominent national capital vehicle in China's semiconductor industry, the Big Fund raised approximately $47 billion in 2024, with funds coming mainly from the Ministry of Finance, local governments, and the state-owned banking system. It has long focused on critical areas such as chip equipment and materials, with past investments covering key players like SMIC and Yangtze Memory Technologies. If this deal goes through, it will mark the Big Fund's first publicly known foray into the domestic large language model space.
Should the transaction be completed, it would not only signal that state-level capital is beginning to systematically enter the generative AI foundational model sector, but could also push China's AI industry to extend from the computing power and manufacturing segments into the model layer, fostering coordinated development and strengthening the synergy between technology and capital.
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On May 6, the Financial Times reported that the National Integrated Circuit Industry Investment Fund (commonly known as the "Big Fund") is in discussions with DeepSeek about its first-round financing and is expected to lead the investment. The valuation is approaching $45 billion, double the roughly $20 billion figure from initial talks just a few weeks ago, reflecting a rapid reassessment by capital markets of DeepSeek's technological roadmap and commercial potential.
The report notes that while DeepSeek remains primarily focused on large language model development with limited commercial traction so far, investors are still optimistic about its long-term growth prospects. Besides the Big Fund, Chinese tech firms like Tencent have also been reported to be involved in the discussions, though the final investor lineup has yet to be confirmed.
As the most prominent national capital vehicle in China's semiconductor industry, the Big Fund raised approximately $47 billion in 2024, with funds coming mainly from the Ministry of Finance, local governments, and the state-owned banking system. It has long focused on critical areas such as chip equipment and materials, with past investments covering key players like SMIC and Yangtze Memory Technologies. If this deal goes through, it will mark the Big Fund's first publicly known foray into the domestic large language model space.
Should the transaction be completed, it would not only signal that state-level capital is beginning to systematically enter the generative AI foundational model sector, but could also push China's AI industry to extend from the computing power and manufacturing segments into the model layer, fostering coordinated development and strengthening the synergy between technology and capital.
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