State VC record Q1 86B/funding: DeepSeek up to $50B val/Linkerbot $6B/Moonshot $20B/Kling $20B spin-off/HK IPOs
Key Questions
What valuation is DeepSeek targeting in its May funding round?
DeepSeek's May round targets 50B yuan at a 350B valuation, with potential Alibaba involvement. CATL has also expressed interest in participating.
Which companies are pursuing HK IPOs amid the funding surge?
Moonshot is unwinding its offshore structure for a landmark HK IPO after reaching $20B valuation. Galbot and Unitree are also advancing Shanghai or HK listing plans.
How much robotics funding has China seen year-to-date?
China-based robotics firms have raised $5.6B across 176 deals so far this year, with RMB 37B directed to embodied AI in 2025. DEEP Robotics added $71M in Series C.
What is the status of Moonshot's offshore structure?
Moonshot raised $3.9B offshore but is now unwinding that setup to enable its HK IPO at a $20B valuation. This aligns with broader state-backed investor interest.
How are state-backed investors influencing AI startups?
State-backed funds are actively investing in top AI and robotics names, shifting capital toward infrastructure and semiconductors. This is helping drive record Q1 totals of 86B in VC.
What valuations have Moonshot and Linkerbot achieved?
Moonshot reached $20B valuation while Linkerbot is at $6B with a new $3B+ round. These figures reflect strong momentum in generative AI and robotics.
Are Western LPs returning to China's AI market?
Yes, Western limited partners are re-engaging due to China's manufacturing edge, cheap energy, and active IPO market after a period of caution.
What role does embodied AI play in current funding trends?
Embodied AI is fueling much of the robotics investment, with companies like DEEP Robotics and Unitree advancing IPO filings. Total YTD robotics funding stands at $5.6B.
DeepSeek May round targets 50B yuan/350B val; Moonshot $2B; Linkerbot $3B+. Moonshot HK IPO pivot. HK IPOs (Manycore +140%). New: CATL eyes DeepSeek round. $5.6B robotics YTD; Unitree/DEEP Robotics IPOs.