Story coverage

DeepSeek could hit $45B valuation from its first investment round

The Chinese AI lab came to prominence in early 2025 after launching a large language model that trained on a fraction of the compute power and at a fraction of the cost of the big U.S. models like those from OpenAI and Anthropic.

China's Moonshot AI raises $2B at $20B valuation as demand for open-source AI skyrockets

Moonshot's annualized recurring revenue topped $200 million in April, driven by rapid growth in paid subscriptions and API usage.

DeepSeek's $45bn valuation is also Beijing's strategic statement

What started in mid-April as a $300m raise at a $10bn valuation, with Alibaba and Tencent talking, is now an FT-reported deal at $45bn led by the China Integrated Circuit Industry Investment Fund. The strategic logic has changed substantially.