Chinese artificial intelligence startup DeepSeek has appointed CITIC Securities to prepare for a potential initial public offering (IPO) on Shanghai’s STAR Market, according to people familiar with the matter. The move indicates that the Hangzhou-based AI company is progressing with its plans to pursue a domestic listing.
DeepSeek is aiming to begin the IPO process in 2026, although the company has not yet finalised the timing of the offering, the amount it intends to raise or its target valuation. DeepSeek and CITIC Securities had not immediately commented on the development, according to Reuters.
The appointment of CITIC Securities is a significant step in the mainland listing process. Chinese companies preparing for a domestic IPO generally work with securities firms on pre-listing guidance and preparations before submitting a formal application. DeepSeek’s engagement with CITIC therefore indicates that preparations for a potential Shanghai listing are moving forward, although it does not mean that an IPO filing has already been made.
The potential listing comes as DeepSeek looks to secure additional capital for computing infrastructure, AI model development, talent retention and recruitment. The company is operating in an increasingly competitive AI market, with Chinese and US technology companies investing heavily in computing capacity and engineering talent.
DeepSeek is also in the middle of a major funding round that could value the company at around 500 billion yuan, or approximately $75 billion, according to Reuters. The potential valuation would represent a substantial increase from the company’s previous financing.
In June 2026, DeepSeek raised approximately $7.4 billion at a post-money valuation of more than $50 billion, according to sources and investor filings cited by Reuters. Founder Liang Wenfeng personally committed 20 billion yuan to that funding round. Tencent Holdings contributed 10 billion yuan, while battery manufacturer CATL invested 5 billion yuan, making them the company’s largest external shareholders following the round.
DeepSeek’s IPO preparations come amid a broader push by Chinese AI companies towards the public markets. Z.AI and MiniMax have already gone public in Hong Kong this year, while Beijing-based AI startup Moonshot has confidentially filed for a Hong Kong IPO. These companies are seeking access to public-market capital as the cost of developing and operating advanced AI models continues to increase.
DeepSeek’s potential Shanghai listing would also place it among the latest major Chinese AI companies seeking to access domestic capital markets. The company has gained international attention for its AI models and has become one of China’s most closely watched artificial intelligence startups.
For DeepSeek, additional capital from a future public offering could support its AI infrastructure, model development and efforts to retain key researchers and technical talent. The company has reportedly faced competition for employees from better-funded technology companies, including ByteDance and Xiaomi.
At this stage, however, DeepSeek’s IPO remains in preparation. The company has not disclosed an official issue size, valuation target or listing date, and its appointment of CITIC Securities should be viewed as a step towards a potential domestic listing rather than confirmation of a completed IPO filing.
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