A major national fund crosses borders for the first time in 12 years since its establishment: Leading investment in DeepSeek

According to financial magazine news, DeepSeek's first round of financing negotiations has recently come to an end. This round of financing is led by the National Integrated Circuit Industry Investment Fund ("National Big Fund"), and several market-oriented investment institutions are also on the negotiation list.

A person close to the transaction disclosed the seller's market pattern of financing: "Everyone wants to get in touch with DeepSeek, but no one guarantees 100% investment." The person said that the list of the first round of financing had been basically finalized at the end of May. According to previous reports by Bloomberg, DeepSeek’s pre-financing valuation has reached $45 billion.

Song Xiangqing, vice president of the Chinese Society of Business Economics, commented: "A major national fund led the first round of financing in DeepSeek. This is the first time a major national fund has invested in a purely large model company across borders in the 12 years since its establishment. The AI industry is entering a stage where the national team leads and market capital follows."

The national large fund has focused on semiconductor chip investment for the past 12 years. This time it makes an exception to cross-border capital injection into large model companies, marking that the national level's strategic emphasis on AI basic models has been raised to the same level as chips. In the final financing structure, large funds are also the only investors with voting rights and are not subject to the five-year lock-in period - this is not a privilege, but a balance between national strategy and corporate autonomy found by computing power sovereignty.