Government-linked investors in China went from backing fewer than 10 AI deals annually before 2018 to more than 140 in 2025, reshaping who controls the future of AI.

Government-linked investors in China went from backing fewer than 10 AI deals annually before 2018 to more than 140 in 2025, reshaping who controls the future of AI.

DeepSeek founder Liang Wenfeng has told investors the Hangzhou lab is targeting AGI, in its first-ever outside raise at a reported $10bn valuation.