Chinese artificial intelligence startup DeepSeek is close to securing at least 80 billion yuan (USD 11.93 billion) in its latest funding round, according to reports. The fundraising would significantly exceed the company's original target of around 50 billion yuan, following strong investor interest after the launch of its latest AI model. Tencent Holdings and battery maker Contemporary Amperex Technology (CATL) are among the investors committing some of the largest amounts to the round.
The final amount could approach 100 billion yuan, Bloomberg reported, although discussions are still ongoing and the figure could change before the round closes. DeepSeek, Tencent and CATL did not immediately comment on the report, and Reuters said it could not independently verify the funding details.
DeepSeek had initially planned to raise about 50 billion yuan, but investor demand reportedly increased after the successful launch of its latest model. The company released DeepSeek-V4.1-Flash last month, describing it as a model focused on greater capability, faster inference, higher throughput, and the ability to scale to larger systems.
The new funding would give DeepSeek substantially more capital to expand its computing infrastructure and continue developing AI models. The startup has attracted global attention since its earlier open-source models challenged assumptions about the amount of money and computing resources needed to build competitive AI systems.
Tencent, the operator of WeChat and a major Chinese technology company, is one of the largest investors in the current round. CATL, one of the world's biggest electric vehicle battery manufacturers, is also committing a significant amount.
The backing highlights the growing interest from major Chinese companies in DeepSeek's technology. Tencent has previously invested in the startup, while CATL's involvement could reflect the broader importance of AI infrastructure and computing demand across China's technology and industrial sectors.
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The funding comes as DeepSeek continues to strengthen its position in China's AI industry. The company recently partnered with Huawei Technologies to develop programming tools optimized for Huawei's Ascend AI chips, supporting China's efforts to reduce dependence on Nvidia's AI ecosystem.
DeepSeek has also hired CITIC Securities to prepare for a potential listing on Shanghai's STAR Market, although the timing, valuation and size of any initial public offering remain undecided. If completed, the latest funding round would provide DeepSeek with substantial financial backing as it prepares for its next stage of growth.