# deepseek: history

> the company, sourced and dated — from the dorm-room trading bots to fire-flyer ii, the r1 shock, and the first raise.

## the classmates (2008–2015)

liang wenfeng and his zhejiang university classmates start automating stock trades during the financial crisis, incorporate jacobi in 2013, and register the fund that becomes high-flyer in june 2015.

- 2008 — automated trading from the dorms: liang wenfeng and zhejiang university classmates begin exploring fully-automated quantitative trading mid-financial-crisis — scraping market data from trading software with image processing and writing plug-in programs to crack trading interfaces. liang's 2015 retelling starts him with rmb 80,000 of personal capital compounding into nine-figure-rmb wealth — self-reported, unverified. the team is all-zju engineering; none have overseas or institutional trading experience. (reported; sources: [the jacobi-to-high-flyer history](https://www.bianews.com/news/details?id=205377), [the high-flyer fund page](https://www.high-flyer.cn/en/fund/), [2008 stock-dabbling trio](https://techcentral.co.za/liang-wenfeng-built-deepseek-hedge-fund/258390/))
- 2010 — the machine-vision master's: liang completes his meng at zju — advisor xiang zhiyu, thesis on low-cost ptz-camera target tracking — then moves to chengdu to experiment with ai applications, an amac registry listing him as a 'freelancer' until 2013. dji founder wang tao reportedly tried to recruit him on the strength of the machine-vision work. (reported; sources: [thesis title, advisor xiang zhiyu, chengdu years](https://interestingengineering.com/engineers-directory/liang-wenfeng), [1985 / zhanjiang / zju meng 2010](https://www.wikidata.org/wiki/Q131847088), [the jacobi-to-high-flyer history](https://www.bianews.com/news/details?id=205377))
- 2013 — jacobi: liang and zju classmate xu jin incorporate hangzhou jacobi investment management — named for mathematician c.g.j. jacobi — the direct predecessor of high-flyer. (reported; sources: [the jacobi-to-high-flyer history](https://www.bianews.com/news/details?id=205377), [jiuzhang equity: liang 85%, zheng and xu 7.5% each](https://finance.sina.com.cn/roll/2026-01-18/doc-inhhswkz2236466.shtml))
- 2015-03 — the first fund: the first fund product launches — 幻方沪深300指数增强1号, a csi-300 index-enhanced strategy. (reported; sources: [first product mar-2015](https://www.jiemian.com/article/3936228.html))
- 2015-06-11 — high-flyer registered: hangzhou high-flyer technology is registered — later renamed zhejiang jiuzhang asset management ('nine chapters' honors the classical math text). the official history lists 2015 as the founding year; the brand 幻方 ('magic square') references the luoshu diagram. xu jin is the legal representative. (confirmed; sources: [zhejiang jiuzhang on the registry](https://m.qcc.com/firm/a98fad1ecd3a1fdc67772b113d2678c7.html), [official timeline 2008–2022](https://www.high-flyer.cn/history/), [the jacobi-to-high-flyer history](https://www.bianews.com/news/details?id=205377))

## the ai fund (2016–2021)

high-flyer turns into an ai fund — the first deep-learning trade in 2016, all-ai strategies by 2017, a golden bull award, the first fire-flyer cluster, and a ~rmb 100b peak that ends in a public apology for a record drawdown.

- 2016-02-15 — the ningbo lp: the ningbo high-flyer quantitative investment management partnership is incorporated (amac p1032021) — the second regulated entity, and the reason some english sources give 'february 2016' as the founding date. (confirmed; sources: [xu jin career (getui founder, huawei)](https://dc.simuwang.com/manager/PL000001PC.html), [feb 2016 incorporation](https://en.wikipedia.org/wiki/High-Flyer_(company)))
- 2016-10-21 — the first deep-learning trade: the first live stock position generated by a deep-learning model goes on the books, gpu-computed — per high-flyer's own timeline, which is the only account. (reported; sources: [official timeline 2008–2022](https://www.high-flyer.cn/history/))
- 2017 — all-ai strategies: 'almost all' quant strategies run on ai models by year-end — self-reported on the official timeline. (reported; sources: [official timeline 2008–2022](https://www.high-flyer.cn/history/))
- 2018 — the golden bull: the first golden bull award — china's top private-fund prize — and the company formally sets ai as its primary direction, beginning the hunt for large-scale compute. (confirmed; sources: [official timeline 2008–2022](https://www.high-flyer.cn/history/))
- 2019 — the 百亿 fund: aum passes rmb 10b ('百亿私募'); high-flyer capital management hong kong takes an sfc type-9 license; the 幻方ai research company is registered for 'ai algorithm and basic-application research.' liang gives a rare public speech at the golden bull forum — 'a quant has no fund managers; the fund manager is a rack of servers.' (confirmed; sources: [official timeline 2008–2022](https://www.high-flyer.cn/history/), [same text, dated](https://xueqiu.com/3619239198/132180425), [feb 2016 incorporation](https://en.wikipedia.org/wiki/High-Flyer_(company)))
- 2020 — fire-flyer i: fire-flyer i enters service — ~rmb 200m and 1,100 accelerator cards on 200gbps interconnect. it retires about a year and a half later, a practice fleet. (reported; sources: [official timeline 2008–2022](https://www.high-flyer.cn/history/), [may-8 round launch](https://www.coinlive.com/news/deepseek-s-liang-wenfeng-we-don-t-want-alibaba-s-money-we-ll-contribute))
- 2021 — the 千亿 peak: the portfolio peaks — reuters: 'totalled over 100 billion yuan by end of 2021' (~$14b). on 15 november the fund halts all new subscriptions; on 25 november it waives rmb-fund redemption fees. (reported; sources: [one of nine speakers](https://www.reuters.com/technology/deepseek-founder-liang-wenfeng-puts-focus-chinese-innovation-2025-01-28/), [$14b peak aum](https://www.ndtv.com/world-news/liang-wenfeng-who-is-the-mysterious-founder-of-chinas-deepseek-8476821), [the record-drawdown apology](https://news.stcn.com/sd/202112/t20211229_4020820.html))
- 2021-12-28 — the apology: the fund's first public crisis: a record 10.66% max drawdown across 497 products. an executive's wechat apology circulates on the 27th — 'we'll fully accept the scolding, just please don't hit us' — and the official statement follows on the 28th: 'the drawdown reached a historical maximum; we are deeply ashamed,' blaming long-horizon ai holdings and industry-wide strategy crowding. (confirmed; sources: [the record-drawdown apology](https://news.stcn.com/sd/202112/t20211229_4020820.html), [verbatim apology quotes](https://m.thepaper.cn/kuaibao_detail.jsp?contid=16043924&from=kuaibao))

## the fleet (2021–2023)

the whale buys its fleet: ~10,000 nvidia a100s for fire-flyer ii, all before the october 2022 export controls — the decisive timing fact of the whole history. in april 2023 the fund announces an independent agi lab.

- 2021 — fire-flyer ii: ~rmb 1b goes into fire-flyer ii — ~10,000 nvidia a100 (pcie) gpus with a task-level time-sharing scheduler, the self-built 3fs file system, hfreduce, and hfai.nn. all bought before the october 2022 export controls; per 36kr, high-flyer was 'the only company outside the big tech platforms stockpiling 10,000 a100s.' (confirmed; sources: [official timeline 2008–2022](https://www.high-flyer.cn/history/), [fire-flyer ai-hpc paper](https://arxiv.org/abs/2408.14158), [the hfai blog: the 10k-a100 cluster](https://www.high-flyer.cn/blog/hfai/), [full-text mirror used for verbatim quotes](https://wallstreetcn.com/articles/3719982))
- 2022 — the cluster at work: the cluster's self-reported year: ≥96% average occupancy, 1.35m jobs, 56.74m gpu-hours — and ~27% of capacity donated as idle-time compute to 50+ university and institute labs. (reported; sources: [official timeline 2008–2022](https://www.high-flyer.cn/history/), [the hfai blog: the 10k-a100 cluster](https://www.high-flyer.cn/blog/hfai/))
- 2022-10-07 — the export controls: us export controls ban a100/h100 sales to china; the october 2023 rules close the a800/h800 workaround variants. every gpu in the fire-flyer ii fleet was already bought. (confirmed; sources: [allen's house testimony: the $5.576m math](https://republicans-science.house.gov/_cache/files/0/d/0d8e8a6c-2a09-413d-9d78-e21df078bc9e/EAB890C6D96E33647BC244A4EFCC742660C0EE09981A7B46E6BC1EC8C80F5386.gregory-c.-allen-testimony.pdf), [state dept official allegation](https://asiatimes.com/2025/06/deepseek-gets-nvidias-high-end-gpus-via-singapore-us-official/))
- 2022 — an ordinary little pig: the philanthropy year: the group donates rmb 221.38m across 15 charities, and liang personally gives rmb 138m under the pseudonym 一只平凡的小猪 — 'an ordinary little pig' — listed on high-flyer's own history page. (confirmed; sources: [official timeline 2008–2022](https://www.high-flyer.cn/history/))
- 2023-04 — the agi pivot: high-flyer announces it will concentrate resources on agi in a new, independent research organization 'separate from finance,' quoting truffaut's advice to young directors: 'be desperately ambitious, and desperately sincere.' the date is mid-april — the 36kr interview gives the 11th; most coverage cites the 14th. (confirmed; sources: [first-ever liang interview](https://m.36kr.com/p/2272896094586500), [17 jul 2023 founding](https://en.wikipedia.org/wiki/DeepSeek), [entity names](https://jamestown.org/deepseeks-background-raises-multiple-concerns/))

## the lab (2023–2024)

deepseek incorporates in hangzhou and runs the release ladder — coder, llm, moe, math (grpo), v2's price war, the techno-idealism interview, and v3's 2.788m-gpu-hour final run.

- 2023-05 — 深度求索: the new org is named 深度求索 — deepseek, echoing qu yuan's 求索, 'to seek.' liang's first-ever interview runs in 36kr/暗涌: 'our llm work has nothing directly to do with quant or finance.' (confirmed; sources: [first-ever liang interview](https://m.36kr.com/p/2272896094586500))
- 2023-07-17 — incorporated in hangzhou: hangzhou deepseek artificial intelligence basic technology research co., ltd. is incorporated — rmb 10m registered capital. liang holds 1% directly and ~99% sits with a ningbo limited partnership he controls through nested vehicles — ~84% effective ownership reported. no high-flyer entity appears on the cap table; the funding link is liang himself plus shared people and compute. (confirmed; sources: [law-firm equity-structure analysis](https://dehehantong.com/en/news/articles/156), [17 jul 2023 founding](https://en.wikipedia.org/wiki/DeepSeek), [~84% deepseek, ≥76% high-flyer](https://legalclarity.org/who-owns-deepseek-hedge-fund-founder-china-ties/), [registry-derived ownership chain (99% chengen)](https://champsignal.com/ownership/deepseek.com))
- 2023-11-02 — deepseek coder: deepseek coder — 1b to 33b parameters trained on 2t tokens — is the lab's first public model. (confirmed; sources: [first public model](https://github.com/deepseek-ai/DeepSeek-Coder))
- 2023-11-29 — deepseek-llm: deepseek-llm 7b/67b — the dense base-model pair. (confirmed; sources: [7b/67b dense llms](https://github.com/deepseek-ai/DeepSeek-LLM))
- 2024-01 — deepseekmoe: deepseekmoe — the mixture-of-experts architecture line that v2 scales up. (confirmed; sources: [release-date compilation (coder 11/2, llm 11/29/23…)](https://deepseekai.guide/guides/deepseek-history/))
- 2024-02-05 — deepseekmath and grpo: deepseekmath 7b introduces grpo — group relative policy optimization, the rl algorithm that will later drive r1. the author list names zhihong shao, peiyi wang, and daya guo. (confirmed; sources: [the deepseek-math repo — grpo](https://github.com/deepseek-ai/deepseek-math/))
- 2024-05-06 — the price war: deepseek-v2 — 236b moe with mla and deepseekmoe — launches at ~rmb 1 per million input tokens and ignites china's llm price war: bytedance, alibaba, baidu, and tencent follow with cuts of 80–97%. semianalysis calls the paper possibly the year's best; jack clark calls the team 'a squad of unfathomable geniuses.' liang: 'we didn't mean to be a catfish; we just accidentally became one.' (confirmed; sources: [full-text mirror used for verbatim quotes](https://wallstreetcn.com/articles/3719982), [release-date compilation (coder 11/2, llm 11/29/23…)](https://deepseekai.guide/guides/deepseek-history/), [v2 (2024-05-06): ¥1/m input](https://followin.io/en/feed/15922620), [doubao at ¥0.0008/1k tokens; 99.3% cut](https://techflowpost.com/en-US/article/17993))
- 2024-06-17 — coder-v2: deepseek-coder-v2 — the code line catches up to the v2 architecture. (confirmed; sources: [release-date compilation (coder 11/2, llm 11/29/23…)](https://deepseekai.guide/guides/deepseek-history/))
- 2024-07-17 — the techno-idealism interview: the second 36kr/暗涌 interview — the canonical 'chinese techno-idealism' text: 'the real gap is originality vs. imitation'; 'open source is a cultural act more than a commercial one'; 'our problem has never been money — it's the embargo on high-end chips.' (confirmed; sources: [the canonical techno-idealism interview (于丽丽/暗涌)](https://www.36kr.com/p/2872793466982535), [full-text mirror used for verbatim quotes](https://wallstreetcn.com/articles/3719982))
- 2024-08 — the fire-flyer paper: the fire-flyer ai-hpc paper is published for sc24 — ~10,000 pcie a100s approximating dgx-a100 performance at ~half the cost and 60% of the energy. the ~50-author list is signed 'deepseek ai' and includes wenfeng liang: the fund's infrastructure team becoming the lab, on paper. (confirmed; sources: [fire-flyer ai-hpc paper](https://arxiv.org/abs/2408.14158), [sc24 proceedings listing + full author list](https://sc24.supercomputing.org/proceedings/tech_paper/tech_paper_pages/pap350.html))
- 2024-09-05 — v2.5: deepseek-v2.5 merges the chat and coder lines. (confirmed; sources: [release-date compilation (coder 11/2, llm 11/29/23…)](https://deepseekai.guide/guides/deepseek-history/))
- 2024-10-19 — the neutral exit: high-flyer tells investors it will cut all hedged-product positions to zero and waive their management fees — exiting the market-neutral strategy after the a-share rally crushes it. bloomberg puts zhejiang high-flyer above rmb 50b at the time. (reported; sources: [neutral exit details](https://m.nbd.com.cn/articles/2024-10-19/3596588.html), [top china quant winds down strategy](https://www.bloomberg.com/news/articles/2024-10-21/top-china-quant-winds-down-strategy-pummeled-by-market-rally), [q3-2024 aum est](https://news.qq.com/rain/a/20241020A059LS00))
- 2024-11-20 — r1-lite-preview: r1-lite-preview — the reasoning model's first public outing, api and web only. (confirmed; sources: [17 jul 2023 founding](https://en.wikipedia.org/wiki/DeepSeek))
- 2024-12-13 — vl2: deepseek-vl2 — the vision-language line. (confirmed; sources: [release-date compilation (coder 11/2, llm 11/29/23…)](https://deepseekai.guide/guides/deepseek-history/))
- 2024-12-26 — deepseek-v3: deepseek-v3 — 671b total / 37b active moe, 14.8t tokens — ships open-weights with a technical report claiming 2.788m h800 gpu-hours ≈ $5.576m for the final pre-training run only, at an assumed $2/gpu-hour. silicon valley notices; the number the world will misread is now in print. (confirmed; sources: [v3 launch 12/26/24](https://news.qq.com/rain/a/20250106A09UJ500), [allen's house testimony: the $5.576m math](https://republicans-science.house.gov/_cache/files/0/d/0d8e8a6c-2a09-413d-9d78-e21df078bc9e/EAB890C6D96E33647BC244A4EFCC742660C0EE09981A7B46E6BC1EC8C80F5386.gregory-c.-allen-testimony.pdf), [how deepseek trained on crippled hardware](https://www.nextplatform.com/ai/2025/01/27/how-did-deepseek-train-its-ai-model-on-a-lot-less-and-crippled-hardware/1656116))

## the shock (2025-01 – 2025-03)

r1 lands on inauguration day, the app passes chatgpt, nvidia loses ~$589b in a session, bans cascade across governments — and liang briefs the premier and attends xi's symposium in the same weeks.

- 2025-01-10 — the app: the deepseek assistant app hits the app store and google play (~jan 10; the official news post follows jan 15). (confirmed; sources: [app released jan 10 on ios+android](https://mobiledevmemo.com/deepseek-and-consumer-ais-first-mover-disadvantage/), [official app announcement](https://www.deepseek.com/en/news/deepseek-app/))
- 2025-01-20 — r1 and the premier: deepseek-r1 ships open-weights under mit — plus r1-zero and six distilled models. the same day, liang attends premier li qiang's symposium on the draft government work report as one of nine speakers — the split-screen that defined the week. (confirmed; sources: [17 jul 2023 founding](https://en.wikipedia.org/wiki/DeepSeek), [jan-20 li qiang symposium](https://www.scmp.com/tech/policy/article/3295662/beijing-meeting-puts-spotlight-chinas-new-face-ai-deepseek-founder-liang-wenfeng), [one of nine speakers](https://www.reuters.com/technology/deepseek-founder-liang-wenfeng-puts-focus-chinese-innovation-2025-01-28/))
- 2025-01-24 — the sputnik post: andreessen posts: 'deepseek r1 is one of the most amazing and impressive breakthroughs i've ever seen — and as open source, a profound gift to the world' — and calls it 'ai's sputnik moment.' (confirmed; sources: [nvidia −17%/−$600b single-biggest one-day loss](https://web.archive.org/web/20250129002522/https:/www.cbsnews.com/news/what-is-deepseek-ai-china-stock-nvidia-nvda-asml/), [ais sputnik moment post](https://fortune.com/2025/01/27/marc-andreessen-deepseek-sputnik-ai-markets/))
- 2025-01-26 — #1 in the app store: the deepseek app passes chatgpt to #1 free app on the us app store — and tops the charts in 51 other countries per appfigures. (confirmed; sources: [#1 us app store jan 26](https://techcrunch.com/2025/01/27/deepseek-displaces-chatgpt-as-the-app-stores-top-app/), [app-store #1 corroboration](https://www.businessinsider.com/deepseek-number-one-app-apple-store-openai-chatgpt-2025-1))
- 2025-01-27 — the crash: the market shock: nvidia −17%, ~$589–600b of market cap — the largest single-day loss for a us company on record; broadcom −17%; nasdaq −3.1%; ~$1t wiped overall. trump calls it 'a wake-up call.' deepseek limits new registrations, citing 'large-scale malicious attacks.' (confirmed; sources: [nvidia −17%/−$600b single-biggest one-day loss](https://web.archive.org/web/20250129002522/https:/www.cbsnews.com/news/what-is-deepseek-ai-china-stock-nvidia-nvda-asml/), [jan-27 selloff](https://fortune.com/2025/01/27/what-is-deepseek-ai-china-nvidia-openai-meta-stock-market/), [>$500b nvidia loss](https://www.theverge.com/ai-artificial-intelligence/598846/deepseek-big-tech-ai-industry-nvidia-impac), [wake-up call/positive development](https://www.nbcnews.com/tech/innovation/trump-china-deepseek-ai-wake-call-rcna189526), [nvidia −17%/$593b](https://www.computerweekly.com/news/366618446/DeepSeek-Welcome-to-US-artificial-intelligences-Sputnik-moment))
- 2025-01-28 — janus into the chaos: janus-pro-7b — the multimodal model — ships into the chaos. on the 29th, wiz discloses an exposed, unauthenticated deepseek clickhouse database holding chat history, api secrets, and backend details; it is secured after disclosure. (confirmed; sources: [17 jul 2023 founding](https://en.wikipedia.org/wiki/DeepSeek), [open clickhouse](https://www.wiz.io/blog/wiz-research-uncovers-exposed-deepseek-database-leak), [coverage of wiz finding](https://techcrunch.com/2025/01/30/deepseek-exposed-internal-database-containing-chat-histories-and-sensitive-data/))
- 2025-01-29 — the distillation claim: openai tells the ft it has evidence linking deepseek to distillation of its models; microsoft reportedly flagged suspicious api exfiltration via openai developer accounts in late 2024; david sacks claims 'substantial evidence.' no public evidence drop ever follows — the claim stands as reported accusation, not demonstrated finding. (reported; sources: [openai/ft evidence claim](https://gizmodo.com/openai-claims-deepseek-plagiarized-its-plagiarism-machine-2000556339), [openai evidence claim](https://www.theverge.com/news/601195/openai-evidence-deepseek-distillation-ai-data), [inappropriately distilled quote](https://www.axios.com/2025/01/29/openai-deepseek-ai-models-data-training))
- 2025-01-30 — the ban cascade: the ban cascade opens: italy's garante orders deepseek blocked — the first country — calling its response 'totally insufficient.' the us navy and nasa follow; texas takes the first state ban on the 31st; australia, taiwan, and korean ministries follow into february. (confirmed; sources: [garante block order](https://www.reuters.com/technology/artificial-intelligence/italys-privacy-watchdog-blocks-chinese-ai-app-deepseek-2025-01-30/), [nasa memo verbatim](https://www.cnbc.com/2025/01/31/nasa-becomes-latest-federal-agency-to-block-chinas-deepseek.html), [texas first state-level ban](https://apnews.com/article/texas-deepseek-apps-ban-3828a4743e9919398dfac0ba9d4a5c25), [italy/taiwan/navy/texas ban roundup](https://techcrunch.com/2025/02/03/deepseek-the-countries-and-agencies-that-have-banned-the-ai-companys-tech/), [which countries have banned deepseek and why](https://www.aljazeera.com/news/2025/2/6/which-countries-have-banned-deepseek-and-why))
- 2025-01-31 — the commerce probe: reuters reports us commerce is probing whether deepseek used restricted chips; organized smuggling is tracked through malaysia, singapore, and the uae. (reported; sources: [commerce probe](https://www.reuters.com/technology/us-looking-into-whether-deepseek-used-restricted-ai-chips-source-says-2025-01-31/))
- 2025-02-17 — the xi symposium: liang attends xi jinping's closed-door private-enterprise symposium — seated near the front alongside jack ma, pony ma, ren zhengfei, wang chuanfu, and lei jun; attendance is state-media confirmed via yuyuantantian. 'deepseek fever' sweeps china through february and march — telecoms, hospitals, and local governments deploy r1; tencent builds it into wechat search. (confirmed; sources: [feb-17 xi symposium confirmed via yuyuantantian](https://www.thestandard.com.hk/finance/article/227878/DeepSeek-founder-confirmed-in-the-meeting-with-Xi), [pre-meeting reporting (bloomberg)](https://techcrunch.com/2025/02/14/deepseek-founder-liang-wenfeng-is-reportedly-set-to-meet-with-chinas-xi-jinping/))
- 2025-02-24 — open source week: open source week — six daily drops: flashmla, deepep, deepgemm, dualpipe and eplb with profile data, then 3fs and smallpond. the fund's internal infrastructure stack becomes public goods. (confirmed; sources: [open source week index](https://github.com/deepseek-ai/open-infra-index), [the flashmla repo](https://github.com/deepseek-ai/FlashMLA))
- 2025-02-27 — the 545% figure: the lab closes the week by disclosing a theoretical 545% daily profit margin on v3/r1 inference — flagged 'purely theoretical' in its own post, quoted without the caveat for months after. (confirmed; sources: [545% theoretical](https://www.scmp.com/tech/big-tech/article/3300734/deepseek-shows-power-v3-r1-models-theoretical-545-profit-margin), [english mirror of the disclosure](https://gigazine.net/gsc_news/en/20250303-deepseek-ai-cost-profit/))
- 2025-02 — the lobby pilgrimage: the huijin international mansion lobby — deepseek's registered address, in the same complex as high-flyer — becomes a pilgrimage site: 40–50 visitor batches a day at peak, foreign tourists included. the company declines all interviews and lets the papers speak. (confirmed; sources: [post-r1 pilgrimage scene](https://huacheng.gz-cmc.com/pages/2025/02/05/8264560671de48589877c8219afc51c6.html), [registered address: 汇金国际大厦西1幢1201室](https://www.21jingji.com/article/20250114/herald/5f428a5a55d92b0a9da4a493d5fc7ae5.html), [letting research reports speak](https://tthmx.com/hangye/90274.html))

## the scrutiny (2025)

the year of scrutiny and normalization — passports held, r2 stalled on a failed ascend run, the r1 paper through nature peer review, the rebate scandal on the fund side, and the first poached researchers.

- 2025-03 — the passports: the information reports some deepseek staff must surrender passports to high-flyer; zhejiang officials screen would-be investors; the wsj reports beijing warned top ai founders against us travel. (reported; sources: [the information: passports held by high-flyer](https://www.theverge.com/tech/629946/deepseek-engineers-have-handed-in-their-china-passports), [~130 ds / ~200 hf staff](https://the-decoder.com/chinas-deepseek-reportedly-restricts-employee-travel-amid-ai-security-concerns/), [travel curbs + zhejiang investor screening](https://techcrunch.com/2025/03/14/china-is-reportedly-keeping-deepseek-under-close-watch/))
- 2025-03-24 — v3-0324: deepseek-v3-0324 ships under mit — the quiet checkpoint refresh. (confirmed; sources: [17 jul 2023 founding](https://en.wikipedia.org/wiki/DeepSeek))
- 2025-03-27 — the rich list: liang debuts on the hurun global rich list at rmb 33b (~$4.6b) — >80% of deepseek per hurun's accounting. (reported; sources: [hurun debut rmb 33b](https://technode.com/2025/03/28/deepseek-founder-liang-wenfeng-joins-global-billionaires-list/))
- 2025-04-09 — the h20 license: the us requires licenses for h20 sales to china — the last compliant channel closes. on april 17 jensen huang flies to beijing and meets liang to discuss compliant next-gen chip designs, per the ft. (confirmed; sources: [huang–liang meeting](https://www.theguardian.com/technology/2025/apr/17/nvidias-ceo-surprise-visit-beijing-restricts-chip-sales-china), [ft detail: compliant next-gen chip designs discussed](https://www.irishtimes.com/business/2025/04/17/nvidia-chief-jensen-huang-flies-to-beijing-for-talks-after-us-clamps-down-on-chipmakers-sales-to-china/))
- 2025-04-30 — prover-v2: deepseek-prover-v2 — 7b plus the 671b teacher — for lean 4 theorem proving. (confirmed; sources: [prover-v2 (7b/671b), lean 4](https://github.com/DeepSeek-AI/DeepSeek-Prover-V2))
- 2025-05-28 — r1-0528: r1-0528 — stronger reasoning, fewer hallucinations, json and function calling. zvi's post-mortem: it 'did not have a moment.' (confirmed; sources: [the deepseek release-date timeline](https://www.scriptbyai.com/deepseek-timeline-release-dates/), [post-mortem of the january panics narrative factors](https://thezvi.substack.com/p/deepseek-r1-0528-did-not-have-a-moment))
- 2025-06-26 — r2 stalls: the information via reuters: r2 is stalled — liang unsatisfied with performance — and the nvidia h20 shortage clouds the rollout. (reported; sources: [deepseek-r2 launch stalled; ceo balks](https://www.reuters.com/world/china/deepseek-r2-launch-stalled-ceo-balks-progress-information-reports-2025-06-26/))
- 2025-08-07 — the rebate scandal: the fund's governance stain: caixin-linked reporting details a 2018–2023 scheme in which high-flyer marketing director li cheng and a china merchants securities branch manager skimmed ~rmb 118m of trading-commission rebates through a fake-broker arrangement — over rmb 20m to li personally. high-flyer says it was individual misconduct the company was unaware of. (reported; sources: [li cheng/meng pengfei rmb-118m rebate case](https://news.qq.com/rain/a/20250807A09AS300), [case details](https://finance.sina.com.cn/roll/2025-08-11/doc-infkriev5791603.shtml))
- 2025-08-14 — the ascend failure: the ft via reuters: r2 was delayed after a failed training run on huawei ascend — huawei sent an engineer team onsite and the run still failed. deepseek returns to nvidia for training and keeps ascend for inference only. (reported; sources: [ft: ascend training failure delayed r2](https://www.reuters.com/world/china/deepseeks-launch-new-ai-model-delayed-by-huawei-chip-issues-ft-reports-2025-08-14/), [huawei onsite team](https://www.theregister.com/software/2025/08/14/dodgy_huawei_chips_nearly_sunk_deepseeks_next_gen_r2_mode/753616), [ft: r2 delayed](https://the-decoder.com/deepseek-reportedly-delayed-its-latest-ai-model-after-technical-issues-with-huaweis-ascend-chips/))
- 2025-08-21 — v3.1: deepseek-v3.1 — hybrid think/non-think modes and ~840b additional training tokens. a wechat comment noting its ue8m0-fp8 format is 'for next-generation domestic chips' rallies chinese chip stocks. (confirmed; sources: [the deepseek release-date timeline](https://www.scriptbyai.com/deepseek-timeline-release-dates/), [the deepseek model history](https://chat-deep.ai/models/deepseek-model-history/), [v3.1's ue8m0 fp8 for domestic chips](https://www.theregister.com/2025/08/22/deepseek_v31_chinese_chip_hints/))
- 2025-09 — the first cfo: the lab hires its first cfo — yan wentao, b.1991, a former hillhouse ventures partner whose portfolio included minimax and zhipu — widely read as fundraising groundwork. (reported; sources: [the first cfo: yan wentao](https://m.163.com/dy/article/L6PV3CAP05568W0A.html))
- 2025-09-17 — the nature paper: the r1 paper is published in nature (645:633–638; submitted feb 14, accepted jul 17) — the first major llm to pass full peer review. the review exchange surfaces two disclosures: r1's own rl stage cost ~$294k atop the base model, and deepseek's statement that r1 did not train on openai-generated reasoning examples. (confirmed; sources: [r1 peer-reviewed](https://www.nature.com/articles/s41586-025-09422-z), [$294k r1 training cost disclosed](https://www.nature.com/articles/d41586-025-03015-6), [openai-distillation denial in referee exchange](https://www.scientificamerican.com/article/secrets-of-chinese-ai-model-deepseek-revealed-in-landmark-paper/))
- 2025-09-29 — v3.2-exp and dsa: v3.2-exp debuts deepseek sparse attention — and ships day-1 huawei ascend/cann and vllm support alongside it. (confirmed; sources: [the deepseek-v3.2-exp repo](https://github.com/deepseek-ai/deepseek-v3.2-exp), [v3.2-exp ships day-1 ascend/cann support](https://www.tomshardware.com/tech-industry/deepseek-new-model-supports-huawei-cann))
- 2025-11-27 — math-v2: deepseekmath-v2 — self-verifiable theorem proving — posts gold-level imo-2025 and cmo-2024 results and 118/120 on putnam 2024 with scaled test-time compute. (confirmed; sources: [math-v2: imo-25 & cmo-24 gold-level](https://arxiv.org/html/2511.22570), [authors: shao, luo, lu, ren, hu, ye, gou, ma, zhang](https://github.com/deepseek-ai/DeepSeek-Math-V2))
- 2025-12-01 — v3.2: deepseek-v3.2 general release, plus the v3.2-speciale heavy-reasoning endpoint. (confirmed; sources: [the deepseek release-date timeline](https://www.scriptbyai.com/deepseek-timeline-release-dates/), [the deepseek model history](https://chat-deep.ai/models/deepseek-model-history/))
- 2025-12 — the poaching ground: the talent-war inversion: the lab that raised unknown graduates becomes the poaching ground — luo fuli (a key v3 architect) to xiaomi mimo, wang bingxuan to tencent hunyuan, chong ruan to deeproute.ai as chief scientist; ~10 names on the v4 report's ~300-author list are flagged former employees. (reported; sources: [v4 report ~300 authors](https://www.newsglobenow.com/new346166.html), [departures list incl](https://substack.com/@sinocism/note/c-245366529))

## the incumbent (2026–)

the disruptor behaves like an incumbent: the first external raise (~$7.4b at ~$52b reported), v4's preview and ga, api price hikes, ipo prep — and r2 never shipped.

- 2026-01-14 — the whale keeps earning: the whale keeps earning: high-flyer's 2025 books close at +56.55% mean product return — #2 among >rmb-10b chinese quant privates — on >rmb 70b aum. (reported; sources: [high-flyer 2025: +56.55%, >rmb 70b](https://www.21jingji.com/article/20260114/herald/c28662157ae4f0d9f2c7c944101a35ad.html))
- 2026-02-23 — the anthropic disclosure: anthropic publishes its own account of 'industrial-scale' distillation campaigns — ~24k fraudulent accounts and >16m claude exchanges across deepseek, moonshot, and minimax; deepseek's ~150k+ exchanges are called the most technically sophisticated, including prompts to generate 'censorship-safe' answers on sensitive topics. an openai letter to lawmakers earlier in february alleges ongoing distillation. deepseek has not published a detailed rebuttal. (reported; sources: [anthropics own account: 24k accts/16m exchanges](https://www.anthropic.com/news/detecting-and-preventing-distillation-attacks), [the anthropic distillation figures](https://www.cnbc.com/2026/02/24/anthropic-openai-china-firms-distillation-deepseek.html), [censorship-safe prompt detail](https://www.theverge.com/ai-artificial-intelligence/883243/anthropic-claude-deepseek-china-ai-distillation))
- 2026-04-24 — the v4 preview: the v4 preview: v4-pro (1.6t total / 49b active) and v4-flash (284b / 13b) with 1m-token context under mit. two days later bloomberg reports the launch was delayed months for deep huawei-ascend optimization, aligning with beijing's chip self-reliance push. (confirmed; sources: [the v4 preview: pro + flash, 1m context](https://www.deepseek.com/en/news/v4-preview/), [v4 delayed for ascend-tuned stack (yuyuantantian)](https://www.bloomberg.com/news/articles/2026-04-26/deepseek-v4-delay-shows-shift-to-china-chips-cctv-account-says), [v4 tech report: csa/hca, mhc, muon, 32t tokens](https://arxiv.org/abs/2606.19348))
- 2026-05-08 — the first raise: the first external funding round ever opens: a ~rmb 300b (~$45b) valuation raising up to rmb 50b, with liang personally injecting up to rmb 20b. alibaba's talks collapsed over ecosystem-binding terms; tencent's proposed ~20% stake was declined; state capital — the national ic fund — is reported the likely lead. the purpose per liang: compute and r&d money, plus a market valuation anchor to retain talent. (reported; sources: [may-8 round launch](https://www.coinlive.com/news/deepseek-s-liang-wenfeng-we-don-t-want-alibaba-s-money-we-ll-contribute), [alibaba collapse](https://www.gate.com/news/detail/whale-lab-deepseek-and-alibabas-fundraising-negotiations-failed-to-reach-an-20949731), [the may 2026 round; the fewest-conditions stance](https://www.chaincatcher.com/en/article/2263550))
- 2026-06 — the round closes: the round reportedly closes: ~$7.4b at a ~$52b valuation per forbes; linkedin lists the round june 1. (reported; sources: [the forbes liang profile: $39.8b](https://www.forbes.com/profile/liang-wenfeng/), [deepseek on linkedin: the $7.4b round](https://linkedin.com/company/deepseek-ai))
- 2026-07-14 — richest ai founder: the bloomberg billionaires index puts liang at ~$36b — the world's richest ai-model founder, above amodei and brockman. (reported; sources: [liang tops amodei and brockman as richest ai founder](https://www.bloomberg.com/news/articles/2026-07-14/deepseek-s-liang-tops-amodei-and-brockman-as-richest-ai-founder))
- 2026-08-13 — v4-pro ga and the price hike: v4-pro goes ga on app, web, and api with peak/off-peak pricing (off-peak at half price). a 'significant' api price increase lands days later — up to ~12x on cache hits. v4.1-flash follows on september 10 — natively multimodal, the smallest of the new architecture family, with v4-pro being phased out in its favor. (confirmed; sources: [the api changelog: v4-pro ga 2026-08-13](https://api-docs.deepseek.com/updates), [the deepseek-v4.1-flash announcement](https://www.deepseek.com/en/news/deepseek-v4-1-flash/), [up-to-12x cache-hit hike](https://en.sedaily.com/international/2026/08/14/deepseek-raises-api-prices-up-to-12-fold-as-chinas-ai-firms))
- 2026-09 — r2 never shipped: as of this writing, r2 has never shipped — never even officially announced. the v-line is the flagship; whether the r-line was folded into it is unknown. (reported; sources: [r2 status: unannounced, unreleased as of jul-2026](https://www.layer3labs.io/guides/deepseek-r2-explained))

AI-drafted at Ben Guo's direct request and credited to Hraness; every claim links to its cataloged source.

Canonical page: https://hraness.com/deepseek/history


Published by @ben in profile revision 1.
Original document: https://hraness.com/deepseek/history
Original credited author: Hraness
AI-drafted at Ben Guo's direct request and credited to Hraness; every claim links to its cataloged source.

## Structured source and record data

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statement follows on the 28th: 'the drawdown reached a historical maximum; we are deeply ashamed,' blaming long-horizon ai holdings and industry-wide strategy crowding.","era":"quant","id":"evt-apology","sourceIds":["src-hp-stcn-apology","src-hp-thepaper-apology"],"title":"the apology"},"originalUrl":"https://hraness.com/deepseek/history#quant","sourceIds":["source-38421ced8256d7f8f0cb","source-122018baa9bebfa8aa6f"]},{"confidence":"confirmed","date":{"precision":"year","text":"2021"},"id":"record-88ae4d6930d8b8f84205","kind":"deepseek-timeline","label":"fire-flyer ii","original":{"confidence":"confirmed","date":"2021","detail":"~rmb 1b goes into fire-flyer ii — ~10,000 nvidia a100 (pcie) gpus with a task-level time-sharing scheduler, the self-built 3fs file system, hfreduce, and hfai.nn. all bought before the october 2022 export controls; per 36kr, high-flyer was 'the only company outside the big tech platforms stockpiling 10,000 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$5.576m for the final pre-training run only, at an assumed $2/gpu-hour. silicon valley notices; the number the world will misread is now in print.","era":"lab","id":"evt-v3","sourceIds":["src-hp-tencent-quant","src-hp-allen-testimony","src-hp-nextplatform"],"title":"deepseek-v3"},"originalUrl":"https://hraness.com/deepseek/history#lab","sourceIds":["source-d426f5b28d24765d031f","source-defd08e005ba8cc18fc4","source-d7a57c2e1998efa3a3be"]},{"confidence":"confirmed","date":{"precision":"day","text":"2025-01-10"},"id":"record-7da6b5c97e361075842c","kind":"deepseek-timeline","label":"the app","original":{"confidence":"confirmed","date":"2025-01-10","detail":"the deepseek assistant app hits the app store and google play (~jan 10; the official news post follows jan 15).","era":"shock","id":"evt-app","sourceIds":["src-hp-mobiledevmemo","src-hp-app-news"],"title":"the 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'deepseek fever' sweeps china through february and march — telecoms, hospitals, and local governments deploy r1; tencent builds it into wechat search.","era":"shock","id":"evt-xi-symposium","sourceIds":["src-hp-standard-xi","src-hp-techcrunch-xi"],"title":"the xi symposium"},"originalUrl":"https://hraness.com/deepseek/history#shock","sourceIds":["source-28cc97fb0d26083b8aa2","source-c20858d7f836aae92680"]},{"confidence":"confirmed","date":{"precision":"day","text":"2025-02-24"},"id":"record-583932f4ef4cecdf1f8b","kind":"deepseek-timeline","label":"open source week","original":{"confidence":"confirmed","date":"2025-02-24","detail":"open source week — six daily drops: flashmla, deepep, deepgemm, dualpipe and eplb with profile data, then 3fs and smallpond. the fund's internal infrastructure stack becomes public goods.","era":"shock","id":"evt-open-source-week","sourceIds":["src-hp-openinfra","src-hp-flashmla"],"title":"open source 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````