DeepSeek Raises $15B in Record China AI Round Led by CATL, Tencent

Chinese AI startup DeepSeek has closed a second funding round of about 100 billion yuan ($15 billion), one of the largest ever for a Chinese AI company, with CATL and Tencent as the biggest investors, Reuters and Bloomberg reported. The round drew more than 15 backers, including GigaDevice, Meituan, Geely, Midea, NetEase, Boyu Capital, CPE and Legend Capital, with existing shareholders Monolith and Shixiang adding capital. Talks ran from July to October, longer than recent AI deals, as new investors kept joining. DeepSeek was valued at roughly $74 billion before the round. The company has hired CITIC Securities as IPO adviser and targets a Shanghai Stock Exchange listing in early 2027. Founder Liang Wenfeng said in September that annualized revenue had reached $1 billion. Terms, the final investor list and the IPO timetable remain unconfirmed.