Chinese AI lab DeepSeek has closed its first funding round that raised more than 50 billion yuan ($7.4 billion) under an unusual deal structure, according to two people with direct knowledge of the matter.

The funding round, which values the large-language model developer at more than $50 billion, requires investors to put their capital into a limited partnership managed by DeepSeek CEO Liang Wenfeng, instead of DeepSeek itself, as a way for Liang to ensure he retains absolute control of the company, the people added. It also imposes a five-year lockup on all investors’ shares, during which they can’t sell their stakes, the people said.