DeepSeek is close to securing at least 80 billion yuan, roughly $12 billion, in a funding round backed by Tencent and CATL, Bloomberg reported on October 6, citing people familiar with the matter.
The Chinese AI developer initially sought about 50 billion yuan. Signed term sheets could push the final total toward 100 billion yuan, according to the report, which linked stronger investor demand to recent model releases. That would double the original target.
Tencent and battery maker CATL reportedly committed among the largest amounts. DeepSeek had targeted a valuation near 500 billion yuan, roughly $75 billion, but final terms remain unsettled. Reuters said it could not independently verify the report.
The fundraising follows DeepSeek’s September 10 V4.1 Flash release. In its announcement, the company highlighted native visual understanding, faster inference and lower memory requirements, alongside reduced API prices. Those efficiency claims come from DeepSeek’s own testing.
Bloomberg reported that DeepSeek is preparing for an IPO in early 2027. The private round has not been announced as completed, and its final size, valuation and listing timetable remain reported plans rather than confirmed transaction terms.
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