DeepSeek Nears $12 Billion Raise From Tencent and CATL, Exceeding Original Target

Chinese AI lab DeepSeek is close to raising at least 80 billion yuan, about $12 billion, from investors including Tencent and CATL, according to people familiar with the matter. The round exceeds the firm's original 50 billion yuan target and could reach 100 billion yuan, with a close expected in October. DeepSeek has hired CITIC Securities to prepare a possible STAR Market listing, one account placing it in early 2027 at a valuation near 500 billion yuan.

• Chinese AI lab DeepSeek is close to raising at least 80 billion yuan, about $12 billion, from investors including Tencent and CATL, people familiar with the matter said Tuesday.
• The round exceeds DeepSeek's original 50 billion yuan target and could approach 100 billion yuan, with signed term sheets and an expected close in October.
• DeepSeek hired CITIC Securities to prepare for a possible listing on Shanghai's STAR Market, which one account places in early 2027, at a round valuation near 500 billion yuan.