# Funding Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Funding", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

DeepSeek Funding: Liang Wenfeng's 'Realist' Pivot

DeepSeek, a leading Chinese AI company, has initiated its first external funding round, aiming to raise at least $300 million at a valuation of no less than $10 billion. This move marks a significant shift from its founder Liang Wenfeng’s previous idealistic stance of rejecting external capital to maintain independence. Despite strong financial backing from its parent company, quantitative trading firm幻方量化 (Huanfang Quant), which provided an estimated $700 million in revenue in 2025 alone, DeepSeek faces mounting challenges. Key issues include a 15-month gap in major model updates, delays in its flagship V4 release, and the loss of several core researchers to competitors offering significantly higher compensation. The company is also undergoing a strategic pivot by migrating its infrastructure from NVIDIA’s CUDA to Huawei’s Ascend platform, a move aligned with China’s push for technological self-reliance amid U.S. export controls. However, DeepSeek lags behind rivals like智谱AI and MiniMax—both now publicly listed—in areas such as product ecosystem, multimodal capabilities, and commercialization. The funding round, though relatively small in scale, is seen as a way to establish a market-validated valuation anchor, making employee stock options more competitive and facilitating talent retention. It also signals DeepSeek’s transition from a pure research-oriented organization to a commercially-driven player in the global AI ecosystem.

marsbit04/20 11:19

DeepSeek Funding: Liang Wenfeng's 'Realist' Pivot

marsbit04/20 11:19

TAO is Elon Musk who invested in OpenAI, Subnet is Sam Altman

The article, titled "TAO is Elon Musk who invested in OpenAI, Subnet is Sam Altman," presents a critical analysis of the Bittensor (TAO) project. It argues that Bittensor functions as a decentralized AI marketplace where TAO tokens fund AI research via subnets. However, the author highlights a fundamental flaw: subnet operators have no obligation to return any value, such as AI models or profits, back to the TAO ecosystem or its token holders. This structure is likened to Elon Musk's early investment in the non-profit OpenAI, which later commercialized its technology without returning value to its initial benefactor. The bear case posits that Bittensor is essentially a wealth transfer from crypto speculators to AI researchers ("miners"). Subnets can use TAO incentives for development and then take their successful products elsewhere, leaving TAO holders with diluted tokens from inflation and no captured value. The lack of enforced equity or binding mechanisms means the project relies on a "hope" that subnet tokens maintain value. The optimistic perspective counters that two factors could create a successful, self-sustaining economy: 1) AI's perpetual and massive resource needs could incentivize subnets to stay for continued funding, and 2) crypto has a proven ability to aggregate resources through token incentives, as seen with Bitcoin and Ethereum. The conclusion states that investing in TAO is a bet on a博弈论 (game theory) miracle—that soft incentives alone will be enough to keep the best subnets within the ecosystem and create a flywheel effect. This outcome is possible but represents a highly skewed, low-probability success scenario amidst significant risks of failure.

marsbit04/13 14:01

TAO is Elon Musk who invested in OpenAI, Subnet is Sam Altman

marsbit04/13 14:01

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