Chinese artificial intelligence company DeepSeek is preparing for a domestic initial public offering and has selected CITIC Securities to manage the process, according to two sources with knowledge of the matter. The company is reportedly targeting a listing on the Shanghai Stock Exchange’s STAR Market, a board designed for technology and innovation-focused firms.
Founded in 2023, DeepSeek has become a notable contender in China’s competitive AI sector. The company develops large language models (LLMs) and has released several open-source models, including its DeepSeek-V2. The firm was co-founded by Yang Zhilin, a key figure in China’s AI research community with ties to Tsinghua University.
The reported IPO plan places DeepSeek among a growing number of Chinese AI startups seeking to raise capital to fund the high costs of research, development, and computing power. The move comes amid a national push within China to achieve self-sufficiency in key technological areas, including artificial intelligence. The Chinese government has identified AI as a strategic priority and has encouraged investment in the sector.
The selection of the STAR Market as the potential listing venue is consistent with the board’s mandate. Launched in 2019, the STAR Market was established to support Chinese companies in high-tech and strategic emerging sectors, often being compared to the U.S. Nasdaq exchange. CITIC Securities is one of China’s largest and most prominent investment banks, frequently advising on major domestic public offerings.
DeepSeek operates in a landscape populated by both technology giants and other specialized AI startups. Companies including Baidu and Alibaba have invested heavily in their own foundational models. At the same time, startups such as Zhipu AI and Moonshot AI have also secured significant private funding.
The industry faces external pressures, including export controls enacted by the United States that restrict access to advanced semiconductors and chip-making equipment necessary for training large-scale AI models. These measures have prompted Chinese firms to seek domestic alternatives for both hardware and funding.
As of this report, neither DeepSeek nor CITIC Securities has issued a public statement confirming the IPO plans or their advisory relationship. Details regarding the proposed valuation or a specific timeline for the listing have not been made public.
