DeepSeek API Gross Margin at 82.9%, Overall Gross Margin at 44.6%

DeepSeek is seeking to raise a second round of financing with a valuation of approximately 500 billion RMB, planning to refinance 50 billion RMB. From January to July 2026, DeepSeek's revenue reached 475 million RMB, about 10 times its total revenue for 2025; during the same period, net losses narrowed to 715 million RMB, down from 935 million RMB for the entire year of 2025. The overall gross margin reached 44.6%, with the API business gross margin as high as 82.9%. The company's revenue growth is accelerating, with last month's annualized revenue reaching between 400 million and 500 million USD. Recently, DeepSeek raised its API prices, with the V4-Pro peak output price increasing from 0.87 USD to 3.96 USD, and the off-peak price set at 1.98 USD. The company's investment in AI infrastructure has increased from 1.2 billion RMB in 2025 to 11 billion RMB in the first seven months of this year, primarily for server leasing and the procurement of AI chips and computing equipment. DeepSeek completed its first round of external financing in June this year, raising approximately 50 billion RMB, and has now hired an investment bank to prepare for an IPO in Shanghai next year.

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