DeepSeek Nears Reported $12 Billion Funding Round

DeepSeek is nearing a new funding round of at least 80 billion yuan, or about $12 billion, as it seeks capital ahead of a possible public listing, according to reports citing people familiar with the financing. The round has not been announced by the company, and its final size and terms remain uncertain. DeepSeek initially sought about 50 billion yuan, but investor demand reportedly increased after the release of its latest AI model. The final amount could approach 100 billion yuan, according to people familiar with the talks. Tencent and battery maker Contemporary Amperex Technology, known as CATL, are among the largest prospective investors, the reports said. The financing discussions are described as nearing a conclusion, but terms could still change. The reported raise would be larger than DeepSeek’s first external funding round, which one account said closed in June 2026 at a valuation above $50 billion. That account also named founder Liang Wenfeng, Tencent and CATL among investors in the earlier round. Details of that financing have not been confirmed by DeepSeek in the material reviewed. DeepSeek is also preparing for a possible initial public offering.