This photo was taken on May 8, 1942 shortly before work on the heavy cruiser Seydlitz was halted at the Deschimag shipyard and plans to convert her into an aircraft carrier began. British intelligence added an arrow pointing to the ship. The two forward main turrets and at least one aft main turret appear to be mounted. The remaining aft main turret may be mounted but simply well camouflaged. The superstructure also appears to be well built-up.

This is a launch photo of the German heavy cruiser Lützow but its widely misidentified as a launch photo for the Seydlitz. I've included this photo here to hopefully help clear up this mislabeling. The heavy cruiser Seydlitz was launched with a straight-stem, just as the Admiral Hipper, Blücher, and Prinz Eugen were. The Lützow was the only ship of the class launched with the modified Atlantic bow.