Business and economy·October 6, 2026, 10:29

Investors chase DeepSeek: New round could reach 100 billion yuan

AI-generated from the sources listed, with automated source checks.

Chinese AI company DeepSeek is close to a new funding round of at least 80 billion yuan, which could grow to around 100 billion, according to media reports. The company has not confirmed the terms.

Chinese AI company DeepSeek is close to closing a new funding round that is significantly larger than first planned, according to media reports. According to Bloomberg, cited by TechNode, the round totals at least 80 billion yuan, or about $12 billion. The amount could approach 100 billion yuan, the report says, based on signed term sheets with investors.

Everything rests on anonymous sources and media reporting. Neither DeepSeek, Tencent nor CATL has confirmed the terms itself, and the round is described as close to complete but still being adjusted.

Larger than planned

The round was originally targeted at around 50 billion yuan. According to The Next Web, investor interest pushed commitments past the target after DeepSeek launched its latest model.

Chinese news service 36Kr reported on October 13, citing anonymous sources and Caixin Magazine, that the round is doubling to about 100 billion yuan. According to 36Kr, the pre-money valuation is unchanged at around 500 billion yuan, even though the round is getting bigger.

Who is participating?

Tencent and battery group CATL are among the largest investors. Both also took part in the first round, in which Tencent contributed about 10 billion yuan and CATL about 5 billion yuan. According to 36Kr, CATL has now proposed to commit roughly double what it did last time.

According to 36Kr, the new investors are mainly industrial investors, including Stony Creek Capital, SMIC Puhua, CPE Yuanfeng, Legend Capital and Geely. Existing shareholders such as IDG Capital, Lisi Capital and Shixiang Capital are also participating. New and existing investors each account for about half of the proposed investment.

First round and IPO plans

In the first half of 2026, DeepSeek completed its first external round of about 50 billion yuan at a valuation of roughly $52-59 billion. Founder Liang Wenfeng put in about 20 billion yuan himself.

According to the reporting, DeepSeek plans to restructure after the funding to prepare for a possible IPO in early 2027. The company is said to have hired CITIC Securities to prepare a listing on Shanghai's STAR Market. The timing and valuation have not yet been decided.