DeepSeek’s annualized revenue run rate has hit $1 billion, more than double from less than $500 million a few months ago, buoyed by a recent price hike as well as continued popularity of its models, according to two people with direct knowledge of the matter.

The latest revenue figure, shared by CEO Liang Wenfeng in a recent meeting with investors, could boost investor confidence as the company finalizes its second funding round and as it prepares to go public in the Shanghai Stock Exchange. DeepSeek is aiming to complete the fundraising by the end of October, with a goal of raising 50 billion yuan ($7.5 billion) at a valuation of 500 billion yuan.