According to industry sources, DeepSeek has begun preparing for an Initial Public Offering (IPO) and may file its listing application as early as this year. Reports indicate that DeepSeek is currently collaborating with accounting firms and investment bank advisors, planning to complete its financial reports by the end of December. Meanwhile, DeepSeek intends to conduct a new round of private equity financing prior to the IPO. The company has already initiated discussions with potential investors, targeting a pre-money valuation of at least RMB 480 billion.