DeepSeek's "Next Step"

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Every step of DeepSeek's development has attracted attention, but this time the move is especially noticeable.

On the evening of April 17, a rumor about DeepSeek bringing in external investors circulated in the market, currently remaining in the "unconfirmed" stage.

At the same time as this rumor was spreading, DeepSeek updated a job posting.

This was a very ordinary job posting update, with no mention of "financing" and without sparking any discussion.

But it is precisely in this "ordinary information" that there are many subtle details worth digging into.

Two pieces of information overlapping in time—one external, one internal—are both telling the same story:

DeepSeek is seeking greater progress.

A "financing rumor" that keeps spreading

On the evening of April 17, a rumor about DeepSeek circulated in the market: it was said that the company is in talks with investors, planning to raise funds at a valuation of about $10 billion, with a size no less than $300 million.

As of now, this information is still unconfirmed. DeepSeek has not made any public response.

Since its establishment, DeepSeek has not brought in external capital. Its funding mainly comes from actual controller Wenfeng Liang and his affiliated organization High-Flyer Quant.

Among the world’s large language model companies, this kind of “internal funding” is quite rare.

Overseas, large model companies have gradually begun to "monetize" through user subscription fees, API calls, and other means. For example, ChatGPT has already formed a relatively clear profit model.

For a long time, the outside world’s perception of DeepSeek focused more on the technical side: model infrastructure, computing power investment, and its idealistic pursuit of Artificial General Intelligence (AGI).

By comparison, its funding sources and capital structure were not the focus of discussion.

But that’s very important, isn’t it?

This recruitment is a bit different?

With the appearance of the above rumor, the investment community’s focus on DeepSeek has shifted.

The market is interested not just in whether DeepSeek will raise funds, but also whether, if external capital is introduced, the company’s positioning and business model will change: for example, whether it will shift from solely building models to developing products, or even explore how to “charge” for its offerings.

On the same day that the funding rumor appeared—April 17—DeepSeek updated a job post for its Hangzhou office to hire a “Business Procurement” position.

According to public information, this role is not a traditional procurement function, but requires being “responsible for analyzing and undertaking internal business needs and communicating, negotiating, and following up with third parties.”

More specifically, the responsibilities include:

First, collecting internal ToC cloud business demands and conducting research.

Second, interfacing with third-party business vendors, advancing negotiations, and signing contracts.

Third, continuously following up on internal business status and relaying related requirements to service providers.

Is “procurement” not about equipment?

Many people, upon seeing the word "procurement," immediately think: buying equipment, buying computers, buying servers, or handling logistical support work.

This is not completely wrong, but it stems more from experience in traditional industries.

In the context of large model companies, the meaning is different.

On the surface, the job description here isn’t complicated, but the way the keywords are combined is slightly different.

At most companies, “procurement” refers to buying equipment, office supplies, or standardized services. Once the purchase is complete, there is usually limited involvement afterwards.

For example: after a company buys servers or computers and they're delivered, the procurement job is finished; subsequent work is more about operation and maintenance, which is not related to the procurement role.

But in the above job description, the repeated appearance of words like “ToC,” “cloud business,” and “third-party business vendors” indicates a completely different type of work.

This job doesn’t end after a single purchase, nor is it about procuring equipment.

Specifically: “collecting internal ToC cloud business requirements” means the needs are not fixed, but change as user scale grows and new features go online; “interfacing with third-party business vendors and advancing negotiations” means the company needs to rely on external services to support some functions long-term; and “continuously following up on business status and feedback” means these services are not one-time deliveries, but require ongoing adjustment during operation.

The secret lies in the details

There is a key expression in the job description: “responsible for collecting internal ToC cloud business needs.”

If you break it down, the emphasis isn’t really on “procurement," nor entirely on “cloud business,” but on “ToC.”

ToC, simply put, refers to products targeting ordinary (consumer) users.

For example: if someone registers an account, opens a website or app, and uses a function directly, that is a typical ToC use case. By contrast, offering systems tailored for enterprise clients by project delivery is closer to ToB.

Once there is an “internal ToC need,” it implies that the company already has a demand for a certain type of product.

When a ToC product is up and running, the more users they have and the faster things change, the greater and more frequent the demands that arise.

Layer on top of that the requirement that applicants have a background in computer science or electronics, and the signal becomes even clearer.

These “clues” directly indicate that DeepSeek already has user-facing product solutions in operation and needs a dedicated role to manage internal and external coordination for its operation.

Additionally, as LatePost reported in April 2026: Since Autumn 2025, Wenfeng Liang has increasingly focused on productization and commercialization, and DeepSeek already has a product team of several dozen people.

On the eve of scaling up?

No matter whether the DeepSeek funding rumors are true or not, a clearer change is emerging: Large model companies that have grown through “internal funding” are beginning to move from pure technology investment to operational commercial products.

Since the end of 2022, the global large model industry has undergone a shift from capability verification to application implementation; model technology itself is no longer the sole competitive variable.

Large model companies need to further address the issue of establishing a capital foundation for long-term operation.

To use a straightforward analogy, the above-mentioned business procurement role is not a front-end salesperson, but is more like one of the key roles determining whether the large model “business” can be established.

When positions like “business procurement” and “ToC cloud business needs” start to appear, the company is preparing for the next stage: enabling a set of existing capabilities to truly support continuously operating products.

These details may be even more worthy of attention than the funding rumors themselves.

Risk Warning and DisclaimerThe market carries risks, and investment should be made with caution. This article does not constitute individual investment advice and does not take into account the particular investment objectives, financial situation, or needs of any individual. Users should consider whether any opinions, views, or conclusions in this article fit their specific circumstances. You bear responsibility for any investment decisions made accordingly. ```