DeepSeek nears $15 billion fundraise led by CATL, Tencent, reports say
Representative image: Joa70 / Pixabay
DeepSeek is wrapping up a raise of about 100 billion yuan ($15 billion), with CATL and Tencent among top investors, Reuters reported on October 22, 2026.
What Happened
DeepSeek, the Chinese artificial intelligence (AI) start-up, is wrapping up a fundraising of about 100 billion yuan, or roughly $15 billion, with existing shareholders CATL and Tencent among the largest investors, Reuters reported on Thursday, October 22, 2026, citing people familiar with the matter. Bloomberg also reported the raise. The round had not formally closed, and the details could still change. DeepSeek has not publicly confirmed the figures.
Key Facts
- Size: about 100 billion yuan (roughly $15 billion), according to people familiar with the deal cited by Reuters.
- Status: expected to be completed within days of the October 22, 2026 report; terms could still change.
- Investors: battery maker CATL and Tencent, operator of WeChat, both existing shareholders, are among the biggest investors; reports name others including Midea, NetEase, Meituan and Geely.
- Target raised: the fundraising target was increased at least twice, from 50 billion yuan to 80 billion and then 100 billion yuan, reports said.
- Valuation: some reports put the pre-money valuation at about 500 billion yuan (about $75 billion); this has not been confirmed.
- Earlier value: filings by two Chinese investors in July suggested DeepSeek was valued at about 350.88 billion yuan (around $52 billion) in a June fundraising, according to reports.
- Listing plans: DeepSeek has reportedly hired CITIC Securities to prepare for a possible listing on Shanghai's STAR Market.
Why It Matters
DeepSeek releases many of its AI models as open weights, meaning anyone can download and run them. Raising around $15 billion would give it far more money to buy computing power, hire researchers and build new models, narrowing the funding gap with its American rivals.
The investor list shows how China's largest companies are lining up behind domestic AI. CATL, the electric-vehicle battery giant, and Tencent, one of China's biggest internet companies, are both already shareholders and are reported to be among the largest backers this time. Such backing from major industrial and technology companies matters more as the United States restricts Chinese AI. Days before the reports, the US ordered federal agencies to remove DeepSeek's products from their systems.
The fundraising is also part of a wider race for capital. On the same day, reports said OpenAI was close to raising up to $30 billion. The scale of money now flowing to leading AI developers in both the US and China is reshaping what it takes to compete at the frontier of the technology.
For Indian founders and investors, the reports carry two lessons. First, the leading AI labs are now raising sums comparable to large public companies, which makes it hard for smaller players to compete on building the biggest models. Second, open-weight models such as DeepSeek's give start-ups everywhere, including in India, powerful building blocks they can adapt for local languages and uses without paying for access to closed systems.
| Item | Reported detail |
|---|---|
| Round size | About 100 billion yuan (about $15 billion) |
| Lead backers | CATL and Tencent, among others |
| Pre-money valuation | About 500 billion yuan (unconfirmed) |
| Previous valuation | About 350.88 billion yuan in June |
Impact
Short-term: If the round closes as reported, DeepSeek will have one of the largest war chests among AI start-ups outside the US, to spend on computing power and talent.
Long-term: A planned listing on Shanghai's STAR Market could give Chinese investors direct access to a leading AI developer, and intensify competition with US labs that are also preparing to go public.
Who is affected: DeepSeek and its investors, rival AI companies in China and the US, chip and cloud suppliers, and developers worldwide who build on DeepSeek's open-weight models.
Key Takeaway
DeepSeek is close to raising about 100 billion yuan ($15 billion), with CATL and Tencent among the biggest investors, Reuters reported on October 22, 2026, though the company has not confirmed the deal.
Questions and Answers
How much is DeepSeek raising?
Reuters reported on October 22, 2026 that DeepSeek is wrapping up a fundraising of about 100 billion yuan, roughly $15 billion. The round had not formally closed and details could change.
Who is investing in DeepSeek?
CATL and Tencent, both existing shareholders, are among the largest investors, according to the reports. Others named include Midea, NetEase, Meituan and Geely.
What is DeepSeek's valuation?
Some reports put the pre-money valuation at about 500 billion yuan, or around $75 billion, but this has not been confirmed. Filings in July suggested a valuation of about 350.88 billion yuan after a June round.
Is DeepSeek planning an IPO?
DeepSeek has reportedly hired CITIC Securities to prepare for a possible listing on Shanghai's STAR Market, but no listing has been announced.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
Sourced and fact-checked by the Peepals Global Editorial Team
Reported, fact-checked and published by the Peepals Global Editorial Team.
