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Chinese AI startup DeepSeek is near to raising at least 80 billion yuan (approximately $11.9 billion) in a funding round led by Tencent Holdings and Contemporary Amperex Technology. The company had initially targeted 50 billion yuan, but stronger-than-expected investor demand could push the final amount to as much as 100 billion yuan. DeepSeek gained global attention in early 2025 with its R1 open-source model, and its V4 models have been praised for matching the performance of leading systems from OpenAI and Anthropic at lower cost. Earlier reports had valued the startup at about $74 billion, and market participants are watching for a possible public listing.
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Chinese artificial intelligence startup DeepSeek is close to securing at least 80 billion yuan (approximately $11.9 billion) in its latest funding round, with battery giant Contemporary Amperex Technology and Tencent Holdings committing among the largest amounts, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The company had initially sought 50 billion yuan (approximately $7.5 billion), but investor demand far exceeded expectations, according to the report. The final tally could climb as high as 100 billion yuan (approximately $14.9 billion).
Reuters was unable to immediately verify the report.
DeepSeek vaulted to global prominence in early 2025 with its R1 open- AI labs. Its flagship V4 models, released earlier this year, drew widespread praise for delivering performance comparable to advanced offerings from OpenAI and Anthropic at a fraction of the cost
Prior to the Bloomberg report, earlier coverage had placed DeepSeek’s valuation at roughly $74 billion. Investors are also closely watching the startup’s plans for a potential public listing.
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