DeepSeek seeks about 100 billion yuan in new funding round

Why it matters: DeepSeek became a global name in early 2025 with low-cost models that rivaled far more expensive US systems, and its funding rounds are watched as a gauge of China's AI ambitions. Large raises like this help Chinese labs pay for computing power and talent amid US export controls on advanced chips. A listing on Shanghai's STAR Market would give outside investors a rare way to hold a Chinese AI model company.

DeepSeek plans to raise about 100 billion yuan (about $14.1 billion) in its latest funding round, according to market reports cited by Chinese media on October 22. Tencent and battery maker CATL are the largest investors in the round, which is expected to close within days.

DeepSeek and the investors have not commented publicly. Multiple sources close to the company and the investors confirmed the reports to a Chinese reporter.

The original target was 50 billion yuan, later raised several times to about 100 billion yuan, according to people familiar with the matter. The final amount is not yet fully settled and no official announcement has been made.

The money is earmarked for model training, computing infrastructure and hiring as DeepSeek competes globally. Some of the people said the round could also pave the way for a planned IPO on Shanghai's STAR Market, the exchange for science and technology companies.