DeepSeek is advancing preparations for a Shanghai STAR Market initial public offering after selecting CITIC Securities as its prospective listing sponsor, although the parties have not signed a formal agreement. Two people familiar with the matter said the Hangzhou-based AI company expects to submit IPO filing documents within this year, while Reuters reported on the 9th that its latest valuation had reached 500 billion yuan ($74.5 billion). Market professionals estimate a post-listing market capitalization of 1.5 trillion yuan to 2.5 trillion yuan ($223.6 billion to $372.7 billion). The company generated 475 million yuan ($70.8 million) in revenue in the first seven months of 2026, ten times its full-year 2025 revenue, but recorded a 715 million yuan ($106.6 million) net loss as model development and computing costs remained high. DeepSeek is also raising fresh capital, revising investor lock-up arrangements for listing compliance and recruiting 150 employees as Chinese AI developers increasingly seek public-market funding.