Chinese AI firm DeepSeek has paused talks for a second fundraising round, Bloomberg reported, even as it explored raising at least 10 billion yuan at a roughly 480 billion yuan valuation. Bloomberg said DeepSeek told some potential backers that agreements wouldn’t be signed on the expected timeline, effectively putting the round on ice. The pause comes as public attention around the company has picked up, though it’s unclear whether scrutiny, investor caution, or simple timing is behind the delay. Bloomberg also reported DeepSeek is preparing for an initial public offering that could be filed as early as this year, which would move the pricing debate into public markets. By pausing a private round, DeepSeek avoids locking in a new valuation and extra investor rights right before a potential listing. The outcome is likely to become a reference point for other China-based private AI companies trying to raise money or go public.