DeepSeek reportedly raises about 100 billion yuan, with CATL and Tencent among investors
In short
DeepSeek has raised about 100 billion yuan (about $15 billion) in its latest funding round, according to reports citing people familiar with the matter. The funding target was raised at least twice during talks, from 50 billion to 80 billion and then to about 100 billion yuan. CATL and Tencent are among the largest investors.
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IT Home, 36Kr and OSChina reported on 22 October that DeepSeek raised about 100 billion yuan in its latest funding round. 36Kr and OSChina put this at $15 billion. IT Home and OSChina cited Bloomberg, which in turn cited people familiar with the matter. 36Kr's summary credited Sina Finance. [ 1 , 2 , 3 ]
According to the sources, DeepSeek raised its funding target at least twice during talks with investors. The target rose from an initial 50 billion yuan to 80 billion and finally to about 100 billion yuan. CATL (宁德时代) and Tencent are among the largest investors in the round, the reports said. [ 1 , 2 , 3 ]
IT Home described the deal as one of the largest funding rounds in Chinese history and said it highlights DeepSeek's global expansion ambitions as it seeks to compete with Anthropic and OpenAI. It said the money paves the way for a DeepSeek listing, and that earlier reports said DeepSeek and rival Moonshot AI (月之暗面) were both preparing to list. [ 1 ]
IT Home wrote that DeepSeek has lacked the financial backing of leading US AI labs. The round helps narrow that gap, but its resources remain far below those of Anthropic and OpenAI, each of which has raised more than $100 billion. DeepSeek is also increasing spending on more AI data centres and on open-source models for China and overseas markets. [ 1 ]
The report added that DeepSeek's low-priced, high-performing models have put pressure on domestic rivals and attracted customers in the United States and other overseas markets. It said the V4.1 Flash model launched in September was followed by share price falls at MiniMax and Zhipu (智谱). It also said Alibaba and ByteDance have launched low-cost AI services, often open-sourcing their models. A benchmark chart from the evaluator Artificial Analysis, which has circulated widely in the industry, describes a so-called 'DeepSeek death zone' for rivals that can neither beat DeepSeek on performance nor undercut its price. [ 1 ]
The report also recalled that in 2025 DeepSeek showed it could compete with Silicon Valley firms at much lower model cost, which it said triggered a global market fall that wiped out $1 trillion in market value. [ 1 ]
Why it matters
IT Home said the funding underlines DeepSeek's global ambitions, helps narrow the funding gap with US AI labs and paves the way for a listing. It also said DeepSeek's resources remain far below those of Anthropic and OpenAI.
Key facts
- DeepSeek raised about 100 billion yuan in its latest funding round, equal to $15 billion according to 36Kr and OSChina, citing people familiar with the matter. [ 1 , 2 , 3 ]
- The funding target was raised at least twice during talks with investors, from 50 billion yuan to 80 billion and finally to about 100 billion yuan. [ 1 , 2 , 3 ]
- CATL (宁德时代) and Tencent are among the largest investors in the round. [ 1 , 2 , 3 ]
- 36Kr and OSChina describe the round as one of the largest funding deals in China. [ 2 , 3 ]
- IT Home said the round paves the way for a DeepSeek listing, and that earlier reports said DeepSeek and rival Moonshot AI (月之暗面) are both preparing to list. [ 1 ]
Confirmed by several sources
Still unclear
- Whether DeepSeek or the investors have confirmed the round and its size. The documents attribute the figures to unnamed people familiar with the matter, with no statement from DeepSeek, CATL or Tencent.
- The full list of investors and the size of each stake. The documents name only CATL and Tencent, and say they are among the main investors.
- Whether and when DeepSeek will list. IT Home says the funding paves the way for a listing but gives no timing.