DeepSeek's V4 series drives current trader focus, with the August 2026 general availability of V4-Pro-0813 establishing strong agentic performance on benchmarks like Terminal Bench and DeepSWE through its 1.6T-parameter MoE architecture and 1M-token context. The September 10 release of V4.1-Flash, which surpassed V4-Pro on speed, cost, and multimodal tasks, prompted a temporary routing plan reversed days later, signaling rapid internal iteration while V4-Pro remains live on API and app. No launch date has been announced for the expected V4.1-Pro successor, though DeepSeek's pattern of preview-to-GA cycles, $1B revenue run rate, and competition from labs like Moonshot and Kimi suggest the next Pro model could arrive amid ongoing IPO preparations and peak/off-peak pricing adjustments.