DeepSeek Raises Nearly $12 Billion From Tencent and CATL Ahead of Early 2027 IPO

DeepSeek is raising about $12 billion from Tencent Holdings and battery maker Contemporary Amperex Technology ahead of a planned early 2027 IPO. The round initially targeted 50 billion yuan, but signed term sheets put the total near 100 billion yuan. People familiar with the matter say the financing closes soon.

• DeepSeek is close to securing at least 80 billion yuan, about $12 billion, in its latest funding round ahead of a planned initial public offering in early 2027.
• Battery maker Contemporary Amperex Technology and Tencent Holdings commit among the largest amounts in the financing, which closes soon, according to people familiar with the matter.
• DeepSeek initially sought about 50 billion yuan, and the final total could approach 100 billion yuan based on signed term sheets, the unnamed people say.