On October 6, DeepSeek was reported to be close to securing at least 80 billion yuan (about $12 billion) in a new funding round. Tencent and Contemporary Amperex Technology Co. Ltd. (CATL) were named among the round’s largest participants.
DeepSeek’s reported funding round
The reported minimum is 80 billion yuan, equivalent to about $12 billion. The prospective financing was described as nearing completion, with final terms still subject to change.
Tencent and CATL among reported participants
Tencent and CATL were reported among the largest participants in the round. The reported account did not assign either company a specific contribution amount.
How the reported funding figures fit together
The figures describe different stages and measures. The current round reportedly opened in July 2026 with a fundraising target of 50 billion yuan. By October, DeepSeek was reported to be nearing at least 80 billion yuan, while a possible final total near 100 billion yuan was also reported.
The round’s reported target valuation when it opened was 500 billion yuan (about $74 billion). That figure refers to the target valuation, while the other amounts refer to financing sought or potentially raised.
DeepSeek had reportedly completed its first external funding round in June 2026, raising about 50 billion yuan. That earlier raise and the current round’s initial target were separate financings.
A possible IPO in early 2027
If the current round closes, restructuring was reported as the next step toward a possible IPO in early 2027.
