DeepSeek Hits $500M Run Rate as V4 API Margins Exceed 50%

DeepSeek's annualized revenue is approaching $500 million, according to a report from The Information citing anonymous sources. The revenue—between $400 million and $500 million—comes primarily from enterprises and developers calling the company's models via API. (Annualized revenue is a projection based on recent monthly or quarterly run rates, not actual annual revenue.)

The same sources say DeepSeek's V4 API gross margin exceeds 50%. Despite charging significantly less than competitors like OpenAI and Anthropic, the company has optimized its infrastructure to require fewer chips per model run.

DeepSeek is also reportedly planning to raise another 50 billion yuan (roughly $7 billion) at a valuation of...