Caijing has reported that the negotiations surrounding the first round of financing for AI large model firm DeepSeek are drawing to a close. Sources from investors engaged in the deal discussions reveal that the National Integrated Circuit Industry Investment Fund is taking the lead in this funding round, with several market-oriented investment entities also joining the fray. An individual privy to the transaction disclosed that the roster for the initial funding round has been largely settled. This milestone marks DeepSeek's maiden foray into external financing since its inception three years ago. The company's latest funding round has escalated to RMB 70 billion (roughly US$10 billion), with a pre-money valuation soaring to US$45 billion. Should this funding round conclude successfully, DeepSeek will emerge as the company with the most substantial inaugural funding round in the annals of China's AI large model sector.