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China's DeepSeek to raise $12 billion in Tencent-backed funding

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China's DeepSeek to raise $12 billion in Tencent-backed funding

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DeepSeek is nearing 80 billion yuan in a new funding round, surpassing its target ahead of a 2027 IPO. Backed by Tencent and CATL, the startup plans massive investments in Huawei AI chips.

DeepSeek is close to securing at least 80 billion yuan ($12 billion) in its latest round of funding, blowing past its own capital-raising target ahead of a landmark initial public offering in early 2027. Battery pioneer Contemporary Amperex Technology Co. Ltd. and WeChat operator Tencent Holdings Ltd. have committed among the largest amounts in the current financing, which closes soon, people familiar with the matter said. DeepSeek initially sought about 50 billion yuan, but interest outstripped expectations after the successful release of its latest AI model, the people said, asking not to be named as the details aren’t public. Based on term sheets signed, the final tally could approach 100 billion yuan, the people added.

DeepSeek’s funding sets the stage for one of the most highly anticipated Chinese market debuts in years. The company is riding high after the release of the V4 Flash, which reset expectations for cost versus performance against leaders Anthropic and OpenAI. That caps a strong run for founder Liang Wenfeng, whose startup has forged a reputation for technical breakthroughs since a 2025 model that matched the capabilities of Silicon Valley offerings at a fraction of the cost. As with other AI players, DeepSeek requires huge amounts of capital to bankroll its ambitions in a potentially revolutionary technology.


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