DeepSeek’s new funding round has doubled to about 100 billion yuan ahead of a planned listing, Chinese media report
Caijing reports investors including Tencent, CATL and SMIC are backing a round that values the Chinese AI lab at about 500 billion yuan. DeepSeek has not commented.
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- Editor approvalMayank Sahu · 16 Oct, 15:17
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In short
Chinese AI lab DeepSeek is raising about 100 billion yuan (roughly $14 billion) at a valuation of about 500 billion yuan, financial magazine Caijing reported on 14 October 2026, citing multiple sources. The round is double its original target. DeepSeek has not confirmed the figures.
What was reported
Chinese financial magazine Caijing reported on 14 October 2026, citing multiple unnamed sources, that DeepSeek’s second funding round has grown to about 100 billion yuan, double its original 50 billion yuan target, at a valuation of about 500 billion yuan.1 Seoul Economic Daily carried the Caijing report.1
A week earlier, Bloomberg reported the round at no less than 80 billion yuan, about $12 billion, with Tencent and battery maker CATL among the top investors, according to Quartz.2
The two reports give different amounts, and DeepSeek has not commented on either.12
Who is investing
Caijing names existing backers Tencent and CATL, and new investors GigaDevice, chipmaker SMIC and carmaker Geely.1
What the money is for
According to Caijing, the funds will go towards a large data centre in Inner Mongolia where DeepSeek plans to use more than 160,000 Huawei Ascend AI chips.1
Listing plans
DeepSeek hired Yan Wentao, a former Hillhouse partner, as chief financial officer on 21 September, according to the report.1 It is expected to apply to list on Shanghai’s STAR Market as early as the end of 2026, with a listing in 2027.12
Business figures
Seoul Economic Daily, citing The Information, reports DeepSeek’s annualised revenue has passed $1 billion.1 We could not check this figure.
Why it matters
If the reported figures are right, a round this size would make DeepSeek one of the most valuable AI companies outside the US.
Fact ledger
How labels workQuestions readers ask
How much is DeepSeek raising?
Caijing reports about 100 billion yuan (roughly $14 billion). An earlier Bloomberg report said at least 80 billion yuan. DeepSeek has not confirmed either.
Who is investing in DeepSeek?
Reports name Tencent, CATL, GigaDevice, SMIC and Geely.
Is DeepSeek going public?
Reports say it plans to apply to list on Shanghai’s STAR Market, with a listing in 2027.