People · #53 of 100 Net worths as of Sep 24, 2026
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#53 of 100 · AI & tech

Liang Wenfeng

AI, Hedge Fund
Net worth
$39.9B
Forbes Real-Time · as of Sep 24, 2026
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Latest moves

Liang WenfengProduct launchAI & techPrivateAI read · — Technical

DeepSeek details an AI training system built for scale

The move

DeepSeek published a paper on September 23 describing DSec, an internal system for managing sandboxes used to train AI agents. A single production unit spans about 160 nodes, supports roughly 3 million sandboxes a day and can create more than 5,000 sandboxes per second. Founder Liang Wenfeng is listed among the paper's more than 130 authors.

Why it matters

It shows DeepSeek is putting serious engineering effort into the infrastructure behind agentic AI, not just model releases, as it competes with far more heavily funded US labs.

The bear case

Publishing a research paper isn't the same as shipping a product; there's no indication yet that DSec powers any consumer-facing DeepSeek release.

What to watch

Whether DeepSeek ties DSec to a new agent product launch.

Recent SEC filings

This person doesn't file with the SEC.

Footprint

Companies

DeepSeek (Hangzhou DeepSeek Artificial Intelligence)Founder & CEO · nearly 90% (pre-Series A, per… · as of May 2026
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Role
Founder & CEO; controlling shareholder
Stake
nearly 90% (pre-Series A, per TechCrunch)
Stake as of
2026-05-06
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High-Flyer (幻方) quantitative hedge fund / High-Flyer Capital ManagementCo-founder
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Role
Co-founder (2015, with two college classmates)
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Investment vehicles

High-Flyer (幻方量化)fund
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Type
fund
Notes
Hangzhou/Shanghai quant fund; also built Fire-Flyer AI training infrastructure
source ↗

Private deals

DeepSeek's first-ever outside funding round (Series A): >50B yuan (~$7.4B) led by Liang's own ~20B yuan, with Tencent…Jun 2026
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In full
DeepSeek's first-ever outside funding round (Series A): >50B yuan (~$7.4B) led by Liang's own ~20B yuan, with Tencent, CATL and others ~30B yuan; valuation just under $60B (Forbes cites $52B)
Date
2026-06
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Liang personally invested ~20B yuan (nearly half the round), becoming largest backer and keeping control; Big Fund did…Jun 2026
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In full
Liang personally invested ~20B yuan (nearly half the round), becoming largest backer and keeping control; Big Fund did not lead
Date
2026-06-18
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Earlier talks: round at up to $45B valuation, with China Integrated Circuit Industry Investment Fund reported as lead…May 2026
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In full
Earlier talks: round at up to $45B valuation, with China Integrated Circuit Industry Investment Fund reported as lead and Tencent/Alibaba in talks
Date
2026-05-06
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Reported talks to raise ~$1.5B at ~$71B valuation after the $7B round; IPO prep reportedJul 2026
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Pre-IPO round seeking ~50B yuan at ~500B yuan (~$74B) pre-money; existing investors Monolith, Shixiang Capital, CATL…Aug 2026
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In full
Pre-IPO round seeking ~50B yuan at ~500B yuan (~$74B) pre-money; existing investors Monolith, Shixiang Capital, CATL; in talks with CPE, Legend Capital, Stony Creek Capital, GigaDevice-linked and Hefei state funds
Date
2026-08-26
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DeepSeek appointed four IPO underwriters led by CITIC Securities for a Shanghai STAR Market listingSep 2026
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Legal & regulatory

Italy banned DeepSeek from app stores over data transfers (early 2025); Berlin's data protection commissioner asked…
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In full
Italy banned DeepSeek from app stores over data transfers (early 2025); Berlin's data protection commissioner asked Apple and Google to remove DeepSeek from German app stores
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Trump administration reportedly weighed barring DeepSeek from buying Nvidia chips and blocking US access to its…
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In full
Trump administration reportedly weighed barring DeepSeek from buying Nvidia chips and blocking US access to its services (NYT via TechCrunch)
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China reportedly keeping DeepSeek under close watch
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Liang met Xi Jinping at a 2025 tech entrepreneurs' meeting in Beijing
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Research gaps: Liang's exact DeepSeek stake after the 2026 Series A isn't disclosed; the 'nearly 90%' figure is from before the round. The FT-reported 84% via two shell companies (2024) and the holding entities couldn't be verified directly because FT was blocked. High-Flyer AUM wasn't verified. Session web-search budget ran out and FT, Bloomberg, NYT, Reuters and congress.gov were blocked, so these couldn't be checked: FY2026 NDAA exclusion of DeepSeek from DoD systems, Australia's government-device ban, South Korea's download suspension, and Anthropic's Feb 2026 distillation accusations. No real estate, trophies or philanthropy verified. No SEC filings.

What to watch

Start of DeepSeek IPO process for Shanghai STAR Market (sources say it aims to begin in 2026; listing targeted 2027)2026 (process start)
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Close of pre-IPO round at ~$74B pre-money valuation
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New model releases after V4.1 Flash (launched Sept 10, 2026)
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DeepSeek's push into agentic AI (Harness launch, Aug 2026)
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More government restrictions on DeepSeek apps or chip access in the US/EU
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