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Key Takeaways
Lab profileActive frontier lab

DeepSeek (深度求索)

Cost-Curve RebelsTotem · Deep-sea whale

Known for: Open reasoning models; cost discipline; efficient training.

Hangzhou foundation-model lab spun off from quant fund High-Flyer (幻方量化). R1 made DeepSeek the cost-curve reference point for open reasoning models, while commercialization and revenue remain intentionally opaque.

Founded
2023
Location
Hangzhou
Parent / predecessor
High-Flyer (幻方量化)
WebsiteGitHub
DeepSeek-CoderDeepSeek-V2DeepSeek-V3DeepSeek-R1DeepSeek-V3.2
Revenue
Not disclosed
API pricing only
via 36Kr
ARR
Scale unknown
API pricing visible; revenue scale undisclosed
via 36Kr
Valuation
$50B
$45-50B reported first external raise talks
Funding raised
$7.35B
Rumored/pending first external round: up to 50B yuan (~$7.35B) (rumored / pending)
Key people
Investors
China Big Fund (国家集成电路产业投资基金)Huajin Capital (华金资本)Zhejiang Oriental (浙江东方)
Government backing
Hangzhou Municipal Government (杭州市政府)Zhejiang Provincial Government (浙江省政府)
Notable alumni & departures
GUO Daya (郭达雅)LUO Fuli (罗福莉)

Models & API pricing

Rates are OpenRouter's listed prices (USD per 1M tokens), a convenient cross-provider benchmark. First-party / native API pricing in China can differ, sometimes materially. Source: OpenRouter, as of Aug 16, 2026. Compare them on the models page.

DeepSeek V4 Pro
1049K context
$1.168
Input / 1M
$2.336
Output / 1M
DeepSeek V4 Flash
1049K context
$0.061
Input / 1M
$0.123
Output / 1M

Video

DeepSeek（幻方）早期内部采访视频 — Early internal interview video (DeepSeek / High-Flyer)▶
DeepSeek（幻方）早期内部采访视频 — Early internal interview video (DeepSeek / High-Flyer)
Bilibili

News & coverage

Notable recent updates, newest first.

ISR 1 hour
ProductAug 13, 2026
DeepSeek

DeepSeek (Chinese: 深度求索) launches Harness, an open-source code agent framework competing with OpenAI Codex and Anthropic Claude Code, with an npm plugin ecosystem.

Benchmarking Claude Code: DeepSeek (Chinese: 深度求索) Harness Public Beta, Opens npm Plugin Ecosystem
IT Zhijia (IT之家)
ProductAug 12, 2026
DeepSeek

DeepSeek (Chinese: DeepSeek) launches V4 Pro, with tests approaching Fable 5 and matching Grok 4.6.

DeepSeek (Chinese: 深度求索) V4 Pro Official Version Launches in Surprise Release: Tests Approach Fable 5, Rivals Grok 4.6
WallStreetCN (华尔街见闻)
RevenueAug 8, 2026
DeepSeek (Chinese: 深度求索)

DeepSeek (Chinese: 深度求索)'s API business is generating revenue even as China's A-share market struggles, signaling a shift to monetization.

A-Share Market Doesn’t Profit, but API Does: Liang Wenfeng Never Loses
TMTPost (钛媒体)
Strategic investmentAug 7, 2026
DeepSeek (Chinese: 深度求索)

DeepSeek (Chinese: 深度求索) CEO Liang Wenfeng responds to news of DeepSeek investing in Unitree (Chinese: 宇树科技), outlining three areas of cooperation.

Wang Xingxing responds to DeepSeek (Chinese: 深度求索)'s investment in Unitree (Chinese: 宇树科技): will focus cooperation in three areas
IT Zhijia (IT之家)
ProductAug 4, 2026
DeepSeek (Chinese: 深度求索)

DeepSeek (Chinese: 深度求索) rises to No.1 globally in inference call volume, becoming the most-used LLM.

8PM Digest: DeepSeek (Chinese: 深度求索) ranks first globally in call volume; Zong Fuli's half-brother becomes chairman; iPhone price may surge over 1000 yuan
36Kr (36氪)
ProductAug 2, 2026
DeepSeek

DeepSeek (Chinese: DeepSeek) launches DeepSeek-V4-Flash API on China's National Supercomputing Internet for one-click access.

National Supercomputing Internet launches DeepSeek (Chinese: 深度求索)-V4-Flash official API for one-click access.
IT Zhijia (IT之家)
ProductJul 31, 2026
DeepSeek

DeepSeek (Chinese: 深度求索) launches DeepSeek V4 official version, claiming 5 tasks for 3 yuan in a cost-performance push.

Hands-on with DeepSeek (Chinese: 深度求索) V4 Official Version: 3 Yuan for 5 Tasks, the AI 'Cost-Performance' War Begins
iFanr (爱范儿)
RevenueJul 23, 2026
DeepSeek

DeepSeek (Chinese: DeepSeek) reaches $10M ARR in two weeks with a model that hits Liang Wenfeng's AGI milestone.

DeepSeek (Chinese: 深度求索) model's ARR breaks $10M in two weeks, hitting Liang Wenfeng's AGI key step
Zhidongxi (智东西)
FundingJul 23, 2026
DeepSeek

DeepSeek (Chinese: 深度求索) increased its registered capital by 65% this year.

DeepSeek (Chinese: 深度求索) increased capital by 65% this year; Musk: FSD is core driver of Tesla demand
36Kr (36氪)
FundingJul 19, 2026
DeepSeek

DeepSeek (Chinese: DeepSeek) reportedly reaches a valuation of over ¥350 billion.

Sunsoft claims AI bubble talk is absurd; Apple integrates Alibaba and Baidu AI; DeepSeek (Chinese: 深度求索) valuation exceeds ¥350B
TMTPost (钛媒体)