Hangzhou-based DeepSeek, an AI startup, has hired underwriters including Citic Securities for a domestic initial public offering, according to two people familiar with the matter.

It aims to start the process this year for a listing on Shanghai’s Star Market.

The people said DeepSeek is also working to complete a pre-IPO funding round that could value it at about 500 billion yuan, or US$74 billion, before the investment.

DeepSeek was previously reported to be nearing a US$45 billion valuation.

The Star Market is the Shanghai Stock Exchange’s Nasdaq-like board for science and technology companies.

DeepSeek’s move also comes as Beijing-based Moonshot AI, the developer of the Kimi K3 model series, confidentially filed last week for a Hong Kong IPO early next year.

🔗 Source: South China Morning Post

Recent DeepSeek developments