Liang Wenfeng presented these figures to investors: 82.9% gross margin on API until July, and a project to raise about 7.5 billion before a listing in Shanghai.
DeepSeek reached an annualized revenue rate of $1 billion, compared to less than $500 million a few months earlier. Founder Liang Wenfeng provided these figures at an investor meeting in late September 2026. The immediate cause is assumed: the previous month's rate increase, which multiplied the cost of using the models by 2.3 to 4.5 depending on the case.
The notable point is that demand has not declined. API access had a gross margin of 82.9% until July, a level comparable to that of leading US laboratories, but on a much smaller revenue basis. Even after the increase, DeepSeek prices remain among the lowest in the market for models in this category.
The company also referred to the financial follow-up: a second round of discussions targeting about 50 billion yuan (almost $7.5 billion), before an introduction to the Shanghai Stock Exchange. The target value mentioned is around 500 billion yuan.
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