The National Integrated Circuit Industry Investment Fund (Big Fund) led the investment in DeepSeek, valuing the company at nearly 45 billion yuan.

According to the Financial Times, the National Integrated Circuit Industry Investment Fund (the "Big Fund") is in talks to lead an investment in DeepSeek, valuing the company at nearly $45 billion (approximately 306.7 billion yuan), more than double the $20 billion valuation just two weeks ago. Founder Liang Wenfeng may personally participate in the investment, and Tencent and Alibaba are also in talks to participate. The Big Fund has never previously invested in an AI large-scale model company; DeepSeek would be its first.