智东西（公众号：zhidxcom）
编译 | 毕伟豪
编辑｜李水青
智东西10月30日消息，刚刚，The Information曝光了DeepSeek第二轮融资的具体细节，DeepSeek在最新融资中已经筹集到了1055亿元人民币（约合158亿美元），中国国有投资者出资额占比约为27%。
据The Information报道，DeepSeek本轮融资吸引了近30家投资者，腾讯、宁德时代仍然是两大主要投资方，二者投资100亿元。其他投资方包括两大芯片厂商长鑫存储和中芯国际，还有美团、vivo、小红书等企业。
值得注意的是，The Information称，国有投资者贡献了本轮融资金额的27%，远高于首轮融资时的2%。中国移动、中国电信、中金公司、中信证券和中国人寿等机构均参与其中。
此外，The Information称，由于英伟达高端芯片价格的持续上涨以及防备AI产业泡沫的原因，DeepSeek在融资中途将募资规模扩大了一倍。
一、腾讯、宁德时代继续领投，国资占比27%
据The Information爆料，具体出资细节上，腾讯、宁德时代出资最高，腾讯在两轮融资中均出资100亿元，宁德时代及其董事长两轮融资分别出资50亿元和100亿元。
其他投资方还包括内存芯片制造商长鑫存储及其董事长朱一鸣，以及国有晶圆代工厂中芯国际。不过，两家具体投资金额尚未披露。
还有来自互联网、手机、汽车制造等行业的企业，如vivo、美团、吉利、美的、立讯精密携程以及小红书等，这些企业单家投资金额在10亿元到30亿元之间。
本轮融资中另一个值得关注的变化，是中国国有资本的参与程度明显提高。
据The Information披露，在已筹集到的1055亿元人民币融资中，国有投资方贡献了约27%，而在DeepSeek首轮融资中，这一比例仅为2%。
中国国家人工智能发展基金本轮再次投资10亿元人民币，与首轮金额相同。此外，中国移动、中国电信、中金公司、中信证券和中国人寿等机构也参与其中，单家投资金额在20亿至80亿元人民币之间。
▲两轮融资出资金额（来源：The Information）
从两轮融资累计来看，科技企业贡献了DeepSeek融资总额约42%的金额，国有投资者占比约19%，风险投资和私募股权机构的合计出资占比排在第三位。
据The Information报道，在VC机构中，北京砺思资本（Monolith Management）两轮分别投资30亿元和75亿元，IDG资本两轮累计投资65亿元，博裕资本在第二轮投资35亿元。
▲DeepSeek目前融资出资额饼状图（来源：The Information）
值得注意的是，DeepSeek首轮融资采用了较为特殊的投资结构。除国家人工智能发展基金外，其他投资者均需将资金投入梁文锋持有的实体，放弃投票权，并承诺锁定股份五年，除非公司提前上市。
三、英伟达芯片涨价，DeepSeek融资规模翻倍
芯片价格上涨和算力储备需求，是DeepSeek本轮融资扩容的重要原因。
据The Information援引两名知情人士透露，在DeepSeek本轮融资持续的四个月里，一台搭载8颗英伟达B300芯片的服务器，价格从约1500万元人民币上涨至1900万元人民币，这一价格已经超过同类服务器在多数国家售价的5倍。
在美国对先进AI芯片出口实施限制、全球内存芯片供应紧张的背景下，算力资源正成为中国AI公司的重要竞争变量。DeepSeek不仅需要为模型研发储备资金，也需要应对芯片采购成本不断上涨带来的压力。
也因此，DeepSeek在融资过程中途，将最新一轮融资的规模扩大了一倍。
The Information称，DeepSeek也在为AI行业可能出现的泡沫破裂做准备。此前，已经上市的MiniMax和智谱股价均经历明显下跌，部分原因是IPO前投资者的股份解禁后带来了抛售压力。
The Information分析，对于DeepSeek来说，在当前市场环境下提前储备资金，也是在为未来可能出现的行业调整留出空间。
结语：多方资本押注DeepSeek
从投资结构上看，与主要依靠风险投资和私募股权融资的模式相比，DeepSeek的投资方覆盖了互联网平台、先进制造、半导体、国有资本和金融机构等多个行业的企业。
这类资本组合带来的价值，除了为模型训练和算力基础设施建设提供资金，也让DeepSeek有机会与芯片、制造、通信等产业链上的企业建立更紧密的联系。在高端算力资源紧张、基础设施投入持续攀升的当下，这种产业协同显得尤为重要。
但资金并不能解决所有问题，高端芯片价格上涨、先进算力供应受限，意味着DeepSeek要面对的是研发成本上涨和算力约束，同时，随着融资规模的扩大，DeepSeek也需要在研发投入、技术进展和资本回报之间寻找平衡。
来源：The Information
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Intellectual (WeChat Official Account:zhidxcom)
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Edit Qui Shui Qing
In the news of October 30th, the Infomation just revealed the details of DeepSeek’s second round of financing, which has raised $105.5 billion (approximately $15.8 billion) in DeepSeek’s latest financing, and about 27 per cent of Chinese State-owned investors.
According to The Information, DeepSeek's current round of financing attracted nearly 30 investors, and Tencent, the Ningde era, remained the two major investors, with an investment of $10 billion. Other investors include two major chip manufacturers, Triple Storage and China core International, as well as a consortium, vivo and REDnote enterprises.
It is worth noting that, according to The Information, State-owned investors contributed 27 per cent of the current round of financing, well above 2 per cent in the first round. China's mobile, Chinese telecommunications, Chinese gold companies, Chinese securities and Chinese life are all involved.
In addition, The Information states that DeepSeek doubled its fund-raising in the interim in financing due to the continued increase in the price of the high-end British Wida chip and the protection against the AI industry bubble.
I. Tencent, Ningdee Age continues to lead investments, with 27 per cent of the national budget
According to the Information report, Tencent and Ningde have the highest funding in terms of specific funding details, Tencent has spent $10 billion on both rounds of financing, and the Ningde and its chairman have spent $5 billion and $10 billion on two rounds, respectively.
Other investors include the memory chip manufacturer ' s long-stamp storage and the director ' s Zhu Tsiaoyu, as well as the State-owned Crystal Circle Industries Core International. However, two specific investments have not yet been disclosed.
There are also enterprises from the Internet, mobile phones, and automobiles, such as vivos, American missions, Gigi, U.S.-Americans, and REDnote, which invest between $1 billion and $3 billion.
Another noteworthy change in the current round of financing is the significant increase in the participation of Chinese State-owned capital.
According to The Information, State-owned investors contributed about 27 per cent of the $105.5 billion raised in financing, compared to only 2 per cent of DeepSeek ' s first round of financing.
The National Fund for Artificial Intelligence Development of China has again invested RMB 1 billion in this round, the same amount as in the first round. In addition, China's mobile, Chinese telecommunications, Chinese gold companies, Chinese Sino-Sino securities and Chinese lives are involved, with single investments ranging from RMB 2 billion to RMB 8 billion.
Two rounds of financing (source: The Finance)
In aggregate, two rounds of financing, S & T enterprises contributed about 42 per cent of DeepSeek ' s total, with State-owned investors accounting for about 19 per cent and private equity institutions third in total.
According to the Information report, in the VC institutions, three billion yuan and 7.5 billion yuan were invested in two rounds of the Beijing Capital Management, 6.5 billion yuan in two rounds of IDG capital and 3.5 billion yuan in the second round of BG capital.
(Source: The Information)
It is noteworthy that DeepSeek introduced a more specific investment structure in its first round of financing. With the exception of the National Fund for Artificial and Intellectual Development, all other investors are required to invest their funds in the entities held by Liang and to renounce their voting rights and undertake to lock in their shares for five years unless the company is listed in advance.
III. The price of the British Wida chip has doubled and DeepSeek financing has doubled.
The increase in the price of chips and the need for power reserves are important reasons for the expansion of DeepSeek's current financing.
According to two informed sources, the price of a server carrying eight British Wida B300 chips in the four months of DeepSeek ' s current financing has risen from about RMB 15 million to RMB 19 million, a price that has already exceeded five times the price of similar servers sold in most countries.
Against the backdrop of United States restrictions on the export of advanced AI chips and the tight supply of global memory chips, computing resources are becoming an important competitive variable for China AI. DeepSeek needs not only to reserve funds for model development, but also to cope with the pressure of rising costs of chip procurement.
As a result, DeepSeek doubled the size of the latest round of finance in the financing process.
The Information stated that DeepSeek was also preparing for a possible burst of foam in the AI industry. Prior to this, both the listed MiniMax and Zhipu stock prices had experienced a marked decline, partly because of the pressure on former IPO investors to sell after their shares were released.
The Information analysis, for DeepSeek, also leaves room for possible future industry adjustments in the current market environment.
Conclusion: Multiple capital bets on DeepSeek
In terms of the investment structure, the investors in DeepSeek cover enterprises in a wide range of industries, such as Internet platforms, advanced manufacturing, semiconductors, State capital and financial institutions, compared to models that rely mainly on venture capital and private equity financing.
The value of such a portfolio, in addition to financing model training and the construction of a computing infrastructure, provides DeepSeek with an opportunity to establish closer links with enterprises in industrial chains such as chips, manufacturing and communications. This industrial synergy is particularly important at a time of high-end resource constraints and continuing rises in infrastructure inputs.
But funding does not solve all the problems, with higher prices of high-end chips and limited access to advanced computing power, which means that DeepSeek is facing rising R & D costs and math constraints, while DeepSeek needs to find a balance between R & D inputs, technological advances and capital returns as financing expands.
Source: The Information
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