DeepSeek begins IPO preparations, with reports pointing to a filing as early as this year

DeepSeek is preparing for a Shanghai STAR Market listing, with plans to file by the end of this year and potentially go public as early as the second quarter of 2027, according to The Wall Street Journal, which cited people familiar with the matter. The proceeds are intended to fund model research and development, hiring and computing infrastructure, though the timeline remains subject to regulatory approval and could change. The update sharpens the company’s IPO timetable and venue after earlier reports said DeepSeek had begun preparations for a public-market debut, was discussing a Shanghai listing with investors and banks, and was seeking about 50 billion yuan in funding. Previous reporting also cited roughly $500 million in annualized revenue, $7.4 billion raised, plans to bring in U.S. dollar capital from overseas investors, and strong enterprise and developer API usage with V4 API gross margin above 50%.