DeepSeek funding round draws about 100 billion yuan

DeepSeek’s latest funding round has drawn about 100 billion yuan, or roughly $15 billion, from existing and new investors, according to two people with knowledge of the matter. The financing is expected to be completed in the coming days, one of the people said, but its financial details are not firm and could still change.

The new figure is above the more than 80 billion yuan in commitments reported earlier this month. A 100 billion yuan round would also be twice DeepSeek’s original fundraising target of 50 billion yuan.

CATL and Tencent Holdings are among the round’s biggest investors, according to one of the people. The final valuation, investor allocations and other terms have not been publicly established.

DeepSeek’s official news index contained no announcement of the financing when checked on October 22. DeepSeek, CATL and Tencent could not immediately be reached for comment.