DeepSeek funding commitments reportedly top 80 billion yuan

DeepSeek’s current funding round has reportedly drawn more than 80 billion yuan in commitments, topping its original 50 billion yuan target. That updates a financing thread DataPhoenix covered in August and puts the reported total more than 60% above the initial goal.

Two people familiar with the matter said the fundraising is expected to wrap up in October. The round has not been reported as closed, and the final amount, investor allocations and other terms could still change.

Tencent Holdings and battery maker Contemporary Amperex Technology Co. Ltd., or CATL, have reportedly made some of the round’s largest commitments. The reporting did not disclose an allocation amount for either investor.

Launched in July, the round is DeepSeek’s second external fundraising and carries a reported target valuation of 500 billion yuan. DataPhoenix has also covered DeepSeek’s release of DeepGEMM kernels for Huawei Ascend 950, offering context on the developer’s recent technical work.

DeepSeek, Tencent and CATL have not confirmed the reported financing terms. The companies did not provide the outlets that sought responses with comments confirming the amount, investor commitments, valuation or October timetable.