DeepSeek
Chinese research lab that releases its strongest models as open weights.
- Revenue
- About 475M yuan (about $70.7M) in the first seven months of 2026 (The Information, reported)
- Value
- Raised about $7.4B at more than $50B in June 2026 (reported). Talks at about $71B reported in September 2026
- Growth
- Revenue reportedly about ten times its full-year 2025 revenue. Financial Times reported ARR near $500M in September 2026
- Based in
- Hangzhou, China
- Listed
- Private
Its V4 open-weight model ran on Huawei chips, which shows a lab can scale without Nvidia.
Most figures come from press reports, and it gives much of its model value away for free.
Money coming in
Who pays DeepSeek, and for what.
No customers of DeepSeek mapped yet.
Money going out
Who DeepSeek pays to do what it does.
No suppliers of DeepSeek mapped yet.
Where it sits on the map
Competitors and neighbours
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About $13B revenue in 2025, against about $34B of costs (reported)
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Annualised revenue run rate above $65B at the end of July 2026, reported from an investor update (Aug 2026)
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25% of AI chip supply (Epoch AI)
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20M+ users (2025)
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Sales more than tripled (H1 2025)
Open profileDesigns its own Trainium AI chips and rents them out through AWS.
5% of AI chip supply (Epoch AI)
Open profileFrench lab with open and paid models, chosen by European firms that want data kept in Europe.
About $14B valuation (Sep 2025)
Open profileLab founded by former OpenAI leaders, which sells Tinker for managed fine-tuning of open models.
Annualised run rate above $100M, self-reported and unaudited
Open profileLab that aims to build frontier open-weight models in the US, backed by Nvidia.
$8B after a $2B round led by Nvidia in October 2025. Talks at $25B reported in 2026
Open profileSources: the-decoder.com, forex.com
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