CoinDesk
DeepSeek is nearing a funding round of at least $12 billion, with demand potentially lifting the raise to about $15 billion. Backed by Tencent and CATL, the company is targeting an IPO in early 2027. Moonshot AI has completed a private round at a $50 billion valuation and is targeting a Hong Kong listing in the first quarter of 2027, which could raise up to $5 billion.
Why it matters
The fundraising race reflects how investors are backing competing AI companies before public listings. DeepSeek’s V4 Flash release has strengthened its competition with OpenAI and Anthropic on cost and performance, putting capital and model development at the center of the U.S.-China contest.
OpenAI is also seeking at least $30 billion at a $1.4 trillion pre-money valuation. Potential investors reportedly include BlackRock and UAE funds, which could contribute up to $10 billion collectively. Anthropic is eyeing a November IPO at a potential valuation of around $2 trillion, after the U.S. midterm elections.
Market impact
Moonshot’s planned offering could raise as much as $5 billion, while the expected $2 billion in annual recurring revenue by December would be double its current level. Those figures give investors a measure of the private-market expectations behind its listing plans.
The scale of the proposed raises and valuations puts execution under scrutiny: investors will weigh funding demand and listing ambitions against revenue growth and the companies’ ability to compete on model performance and cost.
Frequently asked questions
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How large could DeepSeek’s funding round become?
DeepSeek is nearing a round of at least $12 billion, and demand could push it to about $15 billion.
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When are DeepSeek and Moonshot AI targeting IPOs?
Both are targeting listings in 2027. DeepSeek is aiming for early 2027, while Moonshot is targeting a Hong Kong IPO in the first quarter.
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How much could Moonshot AI raise in a Hong Kong IPO?
Moonshot AI’s planned Hong Kong listing could raise up to $5 billion.
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What revenue target has Moonshot AI set?
Moonshot AI’s annual recurring revenue is expected to reach $2 billion by December, double its current level.
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How do OpenAI’s fundraising plans compare with the Chinese rivals’?
OpenAI is seeking at least $30 billion at a $1.4 trillion pre-money valuation. DeepSeek is nearing a $12 billion round, while Moonshot has completed a round at a $50 billion valuation.
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