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liang-wenfeng
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JUN 11, 2026
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JUN 11, 2026 Business deep
DeepSeek took outside money, and the cap table is the story
The lab that refused capital is closing a $7.4B first round at up to $59B. Why a battery maker leads it, why Tencent's check is defensive, and why Liang kept 40%.
12 MIN
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