According to Dongcha Beating's monitoring, DeepSeek's financing negotiation with Alibaba has collapsed. In April, DeepSeek initiated a massive financing round, attracting participation from Tencent, Alibaba, and other tech giants. However, the two parties ultimately failed to reach an agreement. The core conflict was that Alibaba wanted to strengthen its own AI ecosystem through investment (integrating various businesses like Tongyi and Qianwen deeply into products like Taobao and Amap). On the other hand, DeepSeek, as an independent AI model company, insisted on minimizing contractual constraints and maintaining technological independence, refusing excessive ecosystem tie-ins. DeepSeek's founder, Liang Wenfeng, has long rejected external equity financing. Although he has now opened the door for the first time, his bottom line remains unchanged, prioritizing offers with the "fewest additional conditions."

DeepSeek's current financing round is valued at approximately 300 billion RMB (around $45 billion), with a focus on supplementing computing power and R&D funding, as well as providing a market valuation anchor for employees to retain talent. Tencent had proposed subscribing to up to a 20% stake, but DeepSeek politely declined as it did not want to surrender a large stake that would give up significant control. In the end, entities like China's National Fund may lead the investment with relatively relaxed terms more aligned with DeepSeek's technological idealism.