DeepSeek wrapping up $15 billion fundraising to fuel AI race

Chinese AI startup DeepSeek has successfully closed a $15 billion fundraising round, according to multiple sources familiar with the matter. The financing came from a combination of existing and new investors, totaling approximately 100 billion yuan ($14.98 billion). Notable backers included battery maker Contemporary Amperex Technology and WeChat operator Tencent Holdings, both of which played significant roles in the round.

The fundraising is expected to be finalized in the coming days, though the final financial figures may undergo slight adjustments, according to one of the sources, who requested anonymity due to the confidential nature of the information. DeepSeek, CATL, and Tencent declined to provide immediate comment when contacted. Bloomberg first reported the news on Thursday, citing sources, with a total raise of $15 billion, alongside CATL and Tencent as the primary supporters.

This funding round marks a significant milestone for DeepSeek, as it has now surpassed its initial goal of 50 billion yuan, highlighting the strong investor interest - particularly from state-backed and corporate entities - as China strives to lead the AI race against the United States. The substantial funding also suggests that DeepSeek is rapidly progressing towards a potential listing on public markets.

In September, Reuters revealed that the company had enlisted CITIC Securities to prepare for a possible STAR Market initial public offering. Moreover, in a recent development, DeepSeek unveiled its latest AI model, DeepSeek-V4.1-Flash, which boasts enhanced capabilities, faster inference times, higher throughput, and scalability to larger models.