Chinese AI startup DeepSeek is wrapping up a funding round of about 100 billion yuan, roughly $15 billion, according to people familiar with the matter. Battery maker CATL and Tencent, the operator of WeChat, are among the largest investors in the round, which is expected to close in the coming days.
The raise is double DeepSeek's original target of 50 billion yuan. Earlier reporting on the deal put DeepSeek's valuation at 500 billion yuan before the new capital is injected.
More than 15 investors took part. Midea, Meituan, Geely Automotive and GigaDevice Semiconductor are new to DeepSeek's cap table in this round.
Key facts
- 01DeepSeek is wrapping up a round of about 100 billion yuan, roughly $15 billion, expected to close in the coming days.
- 02The raise doubles DeepSeek's original target of 50 billion yuan.
- 03CATL and Tencent are among the largest investors; more than 15 investors took part in total.
- 04New backers include Midea, Meituan, Geely Automotive and GigaDevice Semiconductor.
- 05DeepSeek hired CITIC Securities in September to prepare for a potential STAR Market IPO.
Boyu Capital, CPE and Legend Capital are also in, alongside existing shareholder IDG Capital. The investor list includes state-backed entities as well as large corporate groups.
The terms are not final. The figures could still change before the round closes, and DeepSeek has not publicly confirmed them. DeepSeek, CATL and Tencent did not immediately respond to requests for comment.
The financing lands as DeepSeek lays groundwork for a possible listing. In September, the company hired CITIC Securities to prepare for a potential IPO on China's STAR Market. The timing and final structure of any listing remain unclear.
On the model side, DeepSeek released DeepSeek-V4.1-Flash in September. The company said the model is designed for greater capabilities, faster inference, higher throughput and better scaling for larger models.
The round is part of DeepSeek's effort to compete with the leading US AI labs, and it arrives as Beijing works to strengthen China's position against US technology firms in AI. It also reflects how much capital frontier model development now requires.
DeepSeek set out to raise 50 billion yuan and is on track to close at roughly twice that, with backers spanning batteries, internet platforms, autos and semiconductors.
Working on something we should cover, or seeing a story we missed? Send leads, documents, or feedback to hello@aichatdaily.com. For sensitive tips, see our secure tips page for Signal and PGP options.
Spotted an error? Email hello@aichatdaily.com with the URL and the issue, or read our full corrections policy.
