DeepSeek is back, and it’s aiming straight at the agent crowd. The new V4 series is two open-weight MoE models — V4-Pro (1.6T total, 49B active) and V4-Flash (284B total, 13B active) — both shipping with a 1-million-token context window by default. Not a premium tier. The floor.
What it actually is
These are API-callable frontier models built for long-horizon agentic work — coding loops, multi-step tool use, the kind of task that eats context and never lets go. V4-Pro-Max hits 80.6% on SWE-bench Verified, the top open-weights score, tied with Gemini 3.1 Pro. V4-Flash matches Pro on simpler agent tasks at 12× less cost, so most people will run Flash and only escalate when they need the muscle.
Why it matters
Pricing is the weapon. Flash lists at $0.14/M in, $0.28/M out; Pro’s cache-hit rate drops to $0.003625/M — brutal for agent loops that resend the same context every turn. DeepSeek also rolled out peak-hour surge pricing and reportedly raised $7.4B at a $50B+ valuation. The playbook is the same as V3: commoditize the model layer, force everyone to compete on cost. Long-context agents just got a lot cheaper.
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