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Reports: DeepSeek nears at least RMB 80bn funding round, paving way for 2027 IPO
Коротко
DeepSeek is close to locking in at least RMB 80bn (about USD 12bn) in new funding, above its original target of roughly RMB 50bn, according to reports citing people familiar with the matter. CATL and Tencent are among the largest investors by committed amount, and signed term sheets suggest the final total could approach RMB 100bn. The round is meant to pave the way for an IPO the company targets for early 2027, though the talks are not finalised and terms could still change.
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DeepSeek is close to finalising a funding round of at least RMB 80bn (about USD 12bn), three technology outlets reported on 6 October, citing people familiar with the matter. The amount exceeds the company's original target of roughly RMB 50bn, and under signed term sheets the final total could approach RMB 100bn. [ 1 , 2 , 3 ]
CATL and Tencent are among the investors committing the largest amounts, the reports said. Tencent was already the largest investor in DeepSeek's previous round, contributing RMB 10bn, and wants to integrate AI capabilities into its product platforms; CATL may be seeking the business of supplying components, including for data centres. CATL declined to comment, Tencent did not immediately respond, and DeepSeek did not reply to requests for comment, according to cnBeta and TMTPost. [ 1 , 2 , 3 ]
The talks are near completion, but the people said final negotiations could still change some terms. DeepSeek had initially sought a valuation of about RMB 500bn. Once the round closes, the company is expected to restructure as it prepares to list, with an IPO targeted for early 2027. TMTPost, citing Reuters, said DeepSeek has hired CITIC Securities as adviser for a listing on Shanghai's STAR Market, aiming to file as early as end-2026 and trade in early 2027; IT Home and cnBeta noted that rival Moonshot, after raising at a USD 50bn valuation, also targets an early 2027 listing. [ 1 , 2 , 3 ]
Investor interest followed the release of DeepSeek's latest models. IT Home said the V4-Flash model reshaped perceptions of price-performance. TMTPost said DeepSeek released a V4 preview under an MIT open-source licence on 24 April, the V4-Flash full version in late July to early August, and V4.1-Flash on 10 September with native multimodal visual understanding and a GPQA Diamond score of 90.9. It cited a Bloomberg Intelligence report published on 5 October saying the benchmark gap between top Chinese and US models had narrowed to about 3%, from about 9% in May and about 15% at the start of the year. IT Home said DeepSeek is building a large data centre in Inner Mongolia and plans to deploy at least 160,000 Huawei high-end AI accelerator chips there. [ 1 , 3 ]
TMTPost traced how the company reached this point. DeepSeek was founded in July 2023 by quant fund Huanfang Quant, and had refused outside funding until pressure from rivals, the departure of at least five core researchers and the rising cost of its next flagship model led it to start raising in April 2026. A first round of RMB 51bn closed in June at a post-money valuation near RMB 400bn, with founder Liang Wenfeng retaining close to 100% of voting rights and his net worth more than doubling to about USD 36bn, the outlet reported. IT Home said Liang had told investors he would keep developing open-source models. [ 1 , 3 ]
Почему это важно
DeepSeek is one of the Chinese companies competing at the top of global AI model development, so the size of this round and its planned listing are read as a marker of how much capital China's AI sector can absorb. The reported participation of Tencent and battery maker CATL points to platform and data-centre supply chains being drawn into AI financing. A successful STAR Market listing would also test the exchange's 2026 rules that opened the board to unprofitable large-model companies.
Ключевые факты
- DeepSeek is close to completing a funding round of at least RMB 80bn, above its original target of about RMB 50bn. [ 1 , 2 , 3 ]
- Under signed term sheets, the final total could approach RMB 100bn, the reports said. [ 1 , 2 , 3 ]
- CATL and Tencent are among the investors committing the largest amounts in the round. [ 1 , 2 , 3 ]
- The round originally targeted a valuation of about RMB 500bn for DeepSeek. [ 1 , 2 , 3 ]
- The financing is intended to lay the ground for an IPO the company targets for early 2027. [ 1 , 2 , 3 ]
- Negotiations are near completion, but the people said details could still change in final talks. [ 1 , 2 , 3 ]
- Tencent was the largest investor in DeepSeek's previous round, contributing RMB 10bn, and wants to integrate AI into its platforms. [ 1 , 2 ]
- TMTPost reported that CITIC Securities is advising DeepSeek on a Shanghai STAR Market listing, with a target of filing as early as end-2026. [ 3 ]
Подтверждено несколькими источниками
- DeepSeek is close to completing a round of at least RMB 80bn, exceeding its original target of roughly RMB 50bn. [ 1 , 2 , 3 ]
- The final total may approach RMB 100bn according to signed term sheets. [ 1 , 2 , 3 ]
- CATL and Tencent are among the largest investors by committed amount. [ 1 , 2 , 3 ]
- The round was initially aimed at a valuation of about RMB 500bn. [ 1 , 2 , 3 ]
- The funding is intended to prepare the company for an IPO targeted for early 2027. [ 1 , 2 , 3 ]
- Talks are near completion but the transaction is not final and terms could still change. [ 1 , 2 , 3 ]
- After the round, DeepSeek is expected to restructure ahead of the listing. [ 1 , 2 ]
- Tencent was already DeepSeek's largest investor in the previous round, with RMB 10bn. [ 1 , 2 ]
- CATL declined to comment, Tencent did not immediately respond and DeepSeek did not reply to requests for comment. [ 2 , 3 ]
Пока неясно
- The exact final size and valuation of the round. All three outlets said the talks were still in their final stage, with details subject to change, and the figures come from unnamed people rather than the companies.
- DeepSeek's plan to build a large data centre in Inner Mongolia with at least 160,000 Huawei high-end AI accelerator chips. Reported only by IT Home; the other outlets do not mention the project or the chip figures.
- IPO arrangements, including CITIC Securities as adviser, a STAR Market listing and a filing target of as early as end-2026. Stated only by TMTPost, which attributed the information to Reuters; the other outlets say only that an IPO is targeted for early 2027.
- Whether DeepSeek itself confirms any of the financing details. The company did not reply to comment requests, and no outlet cited a company statement; the reporting relies on people familiar with the matter.
Что пишут местные СМИ
Хронология, местное время
- IT Home reports that DeepSeek is near completion of a round of at least RMB 80bn, with Tencent and CATL among the biggest investors, citing Bloomberg. [ 1 ]
- cnBeta reports the same round, adding that CATL declined to comment and that Tencent and DeepSeek had not responded. [ 2 ]
- TMTPost reports the round and adds background on DeepSeek's financing history, model releases and a CITIC Securities mandate for a STAR Market listing, citing Reuters. [ 3 ]