DeepSeek wrapping up US$15 billion fundraising to fuel AI race
Chinese AI startup DeepSeek is nearing the conclusion of a funding round that has generated approximately 100 billion yuan (US$14.98 billion) from new and existing investors, according to two people familiar with the matter. Battery maker CATL and WeChat operator Tencent Holdings are reported to be among the largest backers.
DeepSeek's latest funding round has reportedly doubled its initial target of 50 billion yuan, reflecting significant investor interest. This capital injection supports the company's ongoing development as China seeks to advance its position in AI. While the fundraising is expected to conclude shortly, one source cautioned that financial details are not yet final and could still change.
The substantial private funding also indicates DeepSeek's potential trajectory toward public markets. A Reuters report from September noted the company had engaged CITIC Securities to prepare for a potential initial public offering on the STAR Market. The successful oversubscription of this private round may be viewed as a positive indicator of market confidence ahead of a public debut.
DeepSeek recently released its DeepSeek-V4.1-Flash model, which the company stated was designed for enhanced capability, faster inference, higher throughput, and scalability for larger models. This product development demonstrates the company's continued investment in its core AI technology in parallel with its financing efforts and preparations for a potential IPO.
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