Key facts
- Chinese AI startup DeepSeek is set to raise over 80 billion yuan ($11.93 billion) in its latest funding round.
- The fundraising round has drawn significant interest, with committed capital exceeding the original target of 50 billion yuan.
- Tencent Holdings and CATL are among the largest investors in the current funding round.
- DeepSeek recently partnered with Huawei Technologies to develop programming tools for its Ascend AI chips.
- The company released its latest model, DeepSeek-V4.1-Flash, last month.
- DeepSeek is preparing for a potential initial public offering on Shanghai's STAR Market.
Chinese AI startup DeepSeek is nearing the close of a significant fundraising round, aiming to secure over 80 billion yuan ($11.93 billion), according to sources familiar with the matter. The capital raised is intended to bolster the company's war chest as it prepares for a potential initial public offering on Shanghai's STAR Market.
The fundraising, which began in July with a target valuation of 500 billion yuan ($74 billion), has attracted substantial interest from both existing and new investors, with committed capital already exceeding the initial goal of 50 billion yuan. The round is expected to conclude in October.
Bloomberg reported that the final tally could reach 100 billion yuan. Among the major contributors to this round are Chinese battery maker CATL and technology giant Tencent Holdings, whose commitments are among the largest.
DeepSeek has recently been active in strategic partnerships and product development. The company collaborated with Huawei Technologies to create programming tools optimized for Huawei's Ascend AI chips, reflecting China's drive to reduce its reliance on Nvidia's AI ecosystem. Last month, DeepSeek also released its latest model, DeepSeek-V4.1-Flash, designed for enhanced capability and speed.
Reuters previously reported that DeepSeek had engaged CITIC Securities to manage its preparation for a STAR Market IPO, though details regarding timing, valuation, and the final fundraising size remain undecided.