距离 DeepSeek 首轮创下行业纪录的 510 亿元融资落地，仅仅过去不到四个月，这家大模型领军企业的第二轮超级融资又行至交割尾声。
据彭博社今日（10 月 22 日）最新报道，DeepSeek 本轮融资规模已锁定在约 1000 亿元人民币，投前估值维持在约 5000 亿元。知情人士透露，这笔交易在推进过程中经历剧烈的动态调整：最初计划募集金额为 500 亿元，随后在各方产业资本与老股东的角逐下两次调高目标，最终融资金额直接翻倍至千亿量级。
在资金盘切分上，新老股东的出资呈现出对半均分的态势，老股东腾讯与宁德时代各自追加约 100 亿元，成为本轮基石投资方；而新进方则全面倒向硬科技阵营，包括石溪资本、中芯聚源、CPE 源峰、君联资本以及汽车巨头吉利等。
若将本轮千亿规模与 6 月底由梁文锋及核心机构敲定的 510 亿元首轮融资叠加，DeepSeek 在短短百余天的时间跨度内累计吸纳资本已超 1500 亿元，创下全球人工智能领域资金吞吐速度的全新纪录。
外部流动性加速入场
与外媒消息遥相呼应的，是 A 股市场在资金通道端的密集动向。
近日，完美世界（002624.SZ）密集披露投资进展公告，宣布两只关键外部专项基金已全额募集完毕：其中“天津砺思星深”基金规模达 75.20 亿元，“拾象尚势”基金规模达 36.50 亿元，两只基金合计吸纳外部资金 111.70 亿元。
在这两只大额专项基金背后，浮现出多家 A 股上市公司的身影。完美世界分别认缴 5000 万元和 1 亿元，以 1.5 亿元总出资完成双通道押注；世纪华通则通过全资子公司认缴拾象尚势 6.5 亿元；算力服务商利通电子此前亦公告出资 9500 万元认购砺思星深份额。
与此同时，中国证券投资基金业协会公示信息显示，砺思星深已于 2026 年 9 月 15 日完成私募投资基金备案，备案编码为 SEX397。据知情人士透露，砺思星深与拾象尚势两只基金均是 DeepSeek 本轮融资的外部资管通道，随着相关基金相继完成实缴封账，外部社会资本向 DeepSeek 核心资产池注入的渠道已基本落锁。
“砺思资本（砺思系资本）”之所以值得重点关注，在于它在 DeepSeek 的上一轮融资中，已经成为外部 SPV（Special Purpose Vehicle，特殊目的载体/项目专项基金）重仓 DeepSeek 的核心通道。
这家由前红杉中国合伙人曹曦与前博裕资本合伙人 Tim Wang 于 2021 年创办的硬科技投资机构，投资覆盖 AI 大模型、国产 GPU、机器人及 AI 基础设施等领域，月之暗面、DeepSeek、宇树科技等均出现在其投资版图中。
今年 5 月，砺思资本发起设立 29 亿元规模的“天津砺思星灵”基金，随后认购持股载体“杭州程砺”的合伙份额，最终穿透间接持有 DeepSeek 约 0.8265%的股权。如今，新设立的“砺思星深”规模激增至 75.20 亿元，体量扩大近两倍，再度印证了其作为连接二级市场上市公司流动性与顶层 AI 资产超级通道的成熟运作。
更为关键的资本化信号也在同步浮现。彭博社援引知情人士消息指出，在推进本轮千亿级融资的同时，DeepSeek 正同步筹备科创板 IPO 事宜，计划最快于今年底递交上市申请，争取在 2027 年正式挂牌。前高瓴创投合伙人严文韬履新出任 CFO，亦为这场涉及千亿资金配置与多层穿透监管的资本运作补齐了专业操盘手。
结盟游戏、算力、芯片产业资本
完美世界、世纪华通和利通电子的入局，让 DeepSeek 本轮融资的产业协同色彩更加具象。完美世界与世纪华通两家游戏龙头合计向相关专项基金认缴出资 8 亿元，算力服务商利通电子则认缴 9500 万元。三家上市公司业务各异，却清晰切中了下一代游戏内容生成与算力基础设施等核心环节。
今年 8 月，DeepSeek 曾对外发起一轮游戏开发和 3D 渲染领域的高薪招聘，引发游戏行业广泛关注，其岗位包括：Code Agent 数据工程师（游戏开发方向）、Web 3D 与渲染方向，要求候选人“不必精通模型训练，但要真正做过游戏”，重点看重游戏开发者在工程方法、复杂交互以及多年积累的行业研发经验。
从更广泛的投资人名单看，石溪资本、中芯聚源等半导体产业资本的加入，则为本轮融资注入了深层的硬科技底色。此前，DeepSeek 在有限算力条件下的架构优化广受行业认可，尤其是围绕华为昇腾等国产算力的紧密合作与适配优化。
而伴随中芯系等半导体核心资本的入场，其未来在国产芯片底层适配与定制化算力集群搭建，甚至是自研芯片的动作值得持续追踪。
整体来看，DeepSeek 的资本来源正在从原有的互联网大厂与纯财务投资机构，进一步横向扩展至半导体制造、汽车工业以及能源硬件等广泛的实体产业阵营。
具身智能成新变量
除了投资人结构的变化，创始人梁文锋近期密集布局具身智能的动向，也为这轮超级融资揭示了新的战略走向。
此前，多家媒体报道称，梁文锋近期与多位具身智能创业者交流，探讨机器人、大模型与现实世界交互等方向。知情人士透露，DeepSeek 正在考虑是否进一步进入这一领域，可能的路径包括自建团队研发，或通过投资相关企业切入。
而在投资方面，DeepSeek 已经押注三大具身企业。
- 宇树科技（已披露）：DeepSeek 此前已斥资约 1.41 亿元人民币入股该企业，切入机器人硬件、运动控制与通用开发测试资源。双方还计划合作开发机器人 AI 模型，宇树则为 DeepSeek 探索机器人应用提供本体与运动控制方面的合作基础。
- Winverse AI（拟领投）：由腾讯前 AI 科学家胡瀚创立，DeepSeek 拟领投其种子轮融资（金额达数千万美元），投后估值约 4 亿美元。美团旗下龙珠投资也在参与方之列。
- 俞涛的创业公司（名/主体待披露）：前腾讯 AI Lab 绝悟团队成员、逐际动力人形机器人基础模型负责人俞涛的新公司，方向为大模型（LLM）与具身智能结合，两轮估值分别约为 7000 万美元和 2 亿美元，近日有媒体曝出已获得 DeepSeek 及一线基金参与投资。
具身智能涉及真实世界数据交互、多物理场仿真模拟以及高精度的运动控制，对算力资源、工程测试环境以及硬件本体有极高的持续消耗。
这在某种程度解释了 DeepSeek 本轮融资规模为何在短时间内大幅上调至千亿级别，也揭示了其战略野心：从云端虚拟代码的模型推演，正式拓界迈向具备物理交互能力的现实智能实体。
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Less than four months after the 51 billion yuan in financing, which was recorded in the first round of DeepSeek, the second round of super-financing of the LLM-led company ended.
According to Bloomberg's latest report today (22 October), DeepSeek's current round of financing has been set at about RMB 100 billion, and the pre-investment valuation has remained at around RMB 500 billion. According to the source, the transaction went through a dramatic dynamical adjustment in the process: the initial plan was to raise 50 billion yuan, then to double the target twice between the various parties ' industrial capital and the old shareholders, and the final amount was to double to 100 billion.
In terms of allocating funds, the funding of old and new shareholders shows a half-event pattern, with the old shareholders Tencent and Ninde having added about $10 billion each to become the cornerstone investors in the current round, while the new entrants are fully oriented to hard technology camps, including rock stream capital, central core concentration, CPE source peaks, the KMC capital, and the capital of automobile giants.
By adding the hundreds of billion-dollar scale of the current round to the 51 billion-dollar Führer ' s financing round, finalized by Liang Wenfeng and the core agencies at the end of June, DeepSeek has accumulated over $150 billion over a period of just over a hundred days, creating a new record of the global rate of capital in the area of artificial intelligence.
Accelerated entry of external liquidity
In response to the news from the media, it is the intensive movement of the A stock market at the end of the financial corridor.
In recent days, the perfect world (002624.SZ) has made an intensive disclosure of investment progress announcement that two key external special funds have been fully mobilized: the “Tientsin Sunshine Deep Star” fund, which is 7520 billion yuan in size, the “Spilling Up” fund, which is 36.50 billion yuan in size, and the two funds, which together absorbs 1117 billion yuan in external funding.
Behind these two large earmarked funds are the presence of a number of A stock listed companies. The perfect world has pledged 50 million yuan and 100 million yuan each, with a total of 150 million yuan to complete the double-channel bet; the General China of the century has pledged 650 million yuan through its full-capital subsidiary; and the Computer Servicer Lintong has previously announced a contribution of 95 million yuan to buy the deep share of Xingxiang.
At the same time, the China Securities and Investment Fund Industry Association published information indicating that Xinxiang Depth completed the Private Investment Fund file with SEX397 on 15 September 2026. According to the source, both the Discovery and Scavenger Funds are external management channels for DeepSeek financing in this round, and the channels through which external social capital is injected into DeepSeek ' s core asset pool have largely been locked up as the respective funds complete their payments.
“Thought capital” is worth focusing on because it has become the backbone of DeepSeek's external SPV (Specific Purpose Vehicle, Special Purpose Carrier/Project-specific Fund).
This firm, a hard-tech investment agency founded in 2021 by former Chinese partners Cao Sei and former Bong Capital Partner Tim Wang, invests in areas such as AI LLM, GPU, robotics and AI infrastructure. The dark side of the month, DeepSeek, and Woo Tree Technology appear on its investment maps.
In May this year, Xinxiang Capital initiated the creation of a $2.9 billion-sized “Zing Sing Spirit” fund, which was followed by the subscription of a partnership share of the equity carrier Hangzhou Cheng Xian, which culminated in the indirect holding of approximately 0.8265 per cent of DeepSeek. Today, the newly created “Strategic Deep” has grown to 75.20 billion yuan in size, almost threefold, once again confirming its mature operation as a super-channel linking the liquidity and top-level AI assets of companies in the secondary market.
More critical capitalization signals are also appearing simultaneously. According to information sources, DeepSeek is preparing for the creation of an IPO at the same time as moving forward with the hundreds of billion-scale financing of this round, and plans are being made to submit an application for listing by the end of this year, with a view to officially listing it in 2027. The new CFO, which is a former co-optor, has complemented the multi-billion-dollar allocation and multi-layered capital operation.
Alliance games, algorithms, chip industry capital
The entry of the perfect world, the century waltzing and the utensils makes DeepSeek's financing industry more synergetic. The perfect world and the two champions of the century are contributing 800 million yuan to the relevant special fund and 95 million yuan to the computer company. The three listed companies operate in different ways, but clearly capture the core of the next generation of game content generation and computing infrastructure.
In August this year, DeepSeek launched a round of high-paying recruitments in the field of game development and 3D rendering, which attracted widespread attention in the game industry, including the posts of Code Age Data Engineer (in the direction of game development), Web 3D and rendering direction, demanding that candidates “do not have to master model training but do play”, focusing on game developers' experience in engineering methods, complex interactions and many years of industrial development.
From a broader list of investors, the addition of semiconductor industry capital, such as Stone Creek capital, and Central Core Pooling, has injected a deep, hard-tech base for the financing of the current round. Previously, DeepSeek ' s structure was widely recognized by the industry under limited computing conditions, especially in the context of close cooperation and optimization around China ' s ability to produce the same.
The entry of semiconductor core capital, such as the central core system, is accompanied by a future combination of home-grown chips at the bottom with customized algorithms, and even self-study chips worth tracking.
Overall, DeepSeek ' s capital base is expanding further horizontally from its original Internet giants and pure financial investment institutions to a wide-ranging physical industrial camp, such as semiconductor manufacturing, the automobile industry and energy hardware.
Smart as a new variable
In addition to changes in the investor structure, the recent intense layout of the founder, Liang Wenbo, has also revealed new strategic directions for this round of superfinancing.
Prior to this, several media reports indicated that Liang Wenfeng had recently interacted with a number of intelligent entrepreneurs in the direction of robotics, LLM interaction with the real world. According to informed sources, DeepSeek is considering whether to move further into this area, possibly through self-building teams or through investment-related enterprises.
And in terms of investment, DeepSeek has already bet on three of the most sophisticated businesses.
- Oki-Technology (disclosed): DeepSeek has previously invested approximately RMB 144 million into the enterprise, cutting into robotic hardware, motor control and generic development testing resources. The parties also plan to cooperate in the development of an AI model for robotics, and Woo Tree provides the foundation for cooperation with DeepSeek to explore robotic applications and exercise control.
Winverse AI (to be awarded): Founded by Tencent ex-AI scientist Hu Quan, DeepSeek intends to take over his seed ship finance (to the tune of tens of millions of dollars), with a post-investment valuation of about $400 million. The group also participated in the Dragonball investment.
Zou Tao's Enterprise (name/subject to be disclosed): The new company Zou Tao, a former Tencent AI Lab member of the Discovery Team and head of the international motorized human robotics base model, combines LLM (LLLM) with intelligence, with two rounds of valuation of approximately $70 million and $200 million, respectively, with media exposure to the participation of DeepSeek and front-line funds in recent days.
Intelligent, involving real-world data interaction, polyphysical simulations and high-precision motion control, has extremely high levels of continuous consumption of computing resources, engineering testing environments and hardware capital.
This explains to some extent why DeepSeek's scale of financing in this round has been significantly increased to hundreds of millions in a short period of time and reveals its strategic ambitions: From a cloud virtual code model to a formal expansion to a realistic and intelligent entity with physical interactive capabilities.
Auto-fetched and translated by AI Atlas. All rights belong to the original author.