SITUATION EXPLAINED: DeepSeek is prepping an IPO. • DeepSeek is in talks with new backers targeting a pre-money valuation of at least $71 billion, just weeks after raising at $50 billion in June • That would put three frontier labs on track to IPO this year: OpenAI, Anthropic, and DeepSeek, with two Chinese labs, ZAI and MiniMax, already public • DeepSeek V4 is expected to release this week, the version out now is only a preview, the full model hasn't shipped yet • Founder Liang Wenfeng owns…