Chinese artificial intelligence (AI) startup DeepSeek has raised about 100 billion yuan ($15 billion) in a funding round backed by major companies including Tencent and battery maker CATL.
DeepSeek increased its fundraising target several times during negotiations, from an initial 50 billion yuan to 80 billion yuan and eventually 100 billion yuan, according to Bloomberg. Reuters reported that more than 15 investors were involved, including new backers Midea, Meituan, Geely and chipmaker GigaDevice, alongside Boyu Capital, CPE, Legend Capital and existing investor IDG Capital.
The round values DeepSeek at about 500 billion yuan before the new investment, Reuters reported. The deal is expected to close in the coming days, although its terms and investor list could still change.
The funding would give DeepSeek additional resources to compete with leading US AI companies, including OpenAI and Anthropic, which have each raised more than $100 billion, according to Bloomberg.
The fundraising also comes as DeepSeek prepares for a possible public listing. Reuters reported in September that the company had hired CITIC Securities to advise on a potential initial public offering (IPO) on Shanghai’s STAR Market.
DeepSeek attracted global attention in 2025 after releasing AI models that challenged the performance of leading Silicon Valley systems at comparatively low development costs. The company has since increased spending on AI infrastructure and open-source models, as Chinese technology companies compete to develop advanced systems.