DeepSeek has closed its second round of financing, raising 105.5 billion yuan and valuing the company at 615.5 billion yuan, with nearly 30 investors participating. State-owned investors contributed 27% of the capital in this round—far higher than the 2% in the first round (this ratio refers to the share of contribution in a single round, not the shareholding ratio). Tencent and CATL were the two largest investors by contribution scale; founder Liang Wenfeng contributed 2 billion yuan, and the National Artificial Intelligence Industry Investment Fund added 1 billion yuan, unchanged from the first round; a number of central state-owned enterprises, financial institutions, industrial enterprises, and investment institutions also participated. The company had just completed its first round of financing of approximately 51 billion yuan in June this year. The target for the second round was adjusted multiple times, rising from an initial 50 billion yuan to approximately 100 billion yuan, and ultimately landing at 105.5 billion yuan.