The Chinese national team personally went off to raise funds for DeepSeek. At the same time that Kimi is valued at 20 billion, DeepSeek is rumored to be valued at 45 billion US dollars And I looked at it late at night, The leading team of DeepSeek is not any VC, but the Chinese national team. A national level fund worth 344 billion yuan specifically designed to provide support for Chinese chips. So from this moment on, DeepSeek is no longer just an AI company. I thought Liang Wenfeng would never raise funds before. Because he holds 84% of the shares himself, The parent company, Fantasia, quantified a net profit of 5 billion yuan by 2025, Several dozen people, including Wuyuan Capital, who wanted to invite him, were all rejected, The reason is: Different paths lead to no strategy. The reason for the looseness now is probably very simple. DeepSeek has reached this level, What chips are used for financing or not, It's not just Liang Wenfeng who said it. And V4 has been consistently delayed, The reason is to move from Nvidia to Huawei Ascend, The underlying code is almost completely rewritten; Core researchers were also poached by Xiaomi ByteDance; After R1's release, the daily active users are 30 million, and the inference cost cannot withstand it. Three things collide together. OpenAI is backed by Microsoft, Nvidia, and SoftBank. DeepSeek's chosen backing is the country itself. After all, the color of money is different, so the path is different.