DeepSeek's engagement of CITIC Securities in early September 2026 to prepare a Shanghai STAR Market listing, alongside plans to appoint its first CFO, marks the clearest step yet toward an IPO amid heavy spending on compute infrastructure and talent. The Hangzhou-based AI lab, known for efficient large language models that have challenged U.S. competitors on cost and performance, reported an annualized revenue run rate reaching $1 billion by late September, supporting a fresh funding round targeting roughly $75 billion valuation. These moves address rising demands for in-house chips and researcher retention amid competition from firms like ByteDance, while aligning with China's preference for domestic listings. Potential filing could occur before year-end, though exact timing, size, and final valuation remain fluid pending regulatory steps and sustained revenue momentum.