The Capital Logic Behind DeepSeek's $71 Billion Valuation

I noticed an interesting detail—DeepSeek just completed its first round of external financing at the end of May this year, barely over a month ago, and has already swiftly started negotiations for a new round. This pace isn't uncommon in the AI track, but a valuation jump from $7 billion to $71 billion requires a serious breakdown of the underlying valuation logic.