Chinese AI startup DeepSeek is pushing ahead with a second funding round targeting 50 billion yuan, about $7.45 billion, at a valuation of 500 billion yuan by the end of October, The Information reported, as cited by Reuters.

CEO Liang Wenfeng shared the latest numbers with investors. The company’s annualised revenue run rate has hit $1 billion, more than double a few months ago, partly driven by raising model API prices 2.3 to 4.5 times.

DeepSeek is also preparing a potential listing on Shanghai’s STAR Market, though the timing and size remain undecided. More than 70 per cent of its computing capacity goes to training new models, with under 30 per cent used for inference.

The raise would rank among the largest private AI financings in China. DeepSeek shook the global tech industry last year after its models challenged assumptions about China’s AI capabilities. Reuters said it could not immediately verify the report, and DeepSeek could not be reached for comment.