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China · private
DeepSeek
DeepSeek is the canonical sparse open-weight economics case: architectural efficiency and open distribution can reset price expectations even when revenue is opaque. Update, 2026: revenue is becoming less opaque and the efficiency claim is now testable. A $400-500M run rate is reported alongside 70-80% gross margins on V4 flagship access - roughly three times Zhipu’s audited 26.4% while pricing below it. A STAR Market listing would put that claim under audit, which makes DeepSeek the single most informative pending disclosure in this file.
DeepSeek
Financial metrics
| Metric | Period | Value | Source | Confidence |
|---|---|---|---|---|
| revenue | latest | not disclosed | not_disclosed | high |
| gross_margin_flagship_api | 2026 | 75 percent | reported | low |
| revenue_seven_months | Jan-Jul 2026 | 70.7 USD_millions | reported | low |
| valuation | round sought, 2026 | 74 USD_billions | reported | low |
Revenue mix
china_consumer_api70%
open_weight_indirect30%
Risks
- - monetization opacity
- - open-weight substitutability
- - geopolitical constraints