🔍 Read the full analysis: How DeepSeek’s Reported Raise Could Expand Its AI Plans on ThorstenMeyerAI.com
TL;DR
Several news organizations report that DeepSeek raised about 100 billion yuan, or roughly $15 billion, in a second funding round; The Information puts the total at 106 billion yuan and says the round has closed. DeepSeek has not publicly confirmed the financing, and reports differ on its final size and whether state-backed institutions led it. The money could support more AI development and infrastructure, but the company has not disclosed how it will spend the funds.
DeepSeek has reportedly raised about 100 billion yuan, or roughly $15 billion, in a second funding round that could give the Chinese AI company more capital for model development and computing infrastructure. Bloomberg, Reuters and The Wall Street Journal reported the financing on October 22; The Information later put it at 106 billion yuan, about $15.9 billion, and said it had closed. DeepSeek has not publicly confirmed the raise, its final amount or how it intends to use the money.
The reports describe a round roughly twice the original target, at a pre-money valuation of about 500 billion yuan. Bloomberg, Reuters and the Journal reported a total of about 100 billion yuan. The Information reported 106 billion yuan and said the round was complete. The difference is material, and no company statement has settled the amount.
CATL and Tencent are named by Bloomberg and Reuters among the largest investors. Reuters also listed Midea, Meituan, Geely and chipmaker GigaDevice, along with existing shareholders NetEase and IDG Capital and investment firms Boyu Capital, CPE and Legend Capital. The reports describe more than 15 investors. Investor details are not consistent across accounts: a claim that China’s state chip fund led the round with 27% state capital appears in summaries of The Information’s report, but the source account says it could not independently verify that detail and no second outlet reported it.
The Journal and The Information also reported that founder Liang Wenfeng told investors in September that DeepSeek was generating revenue at an annualized pace of $1 billion. That figure is attributed to Liang and is not an audited result. The company has not published a detailed funding announcement, a verified investor list or a spending plan in the material available.
Infographic 01 · Two rounds in six months
From self-funded to $74 billion.
DeepSeek took no outside money until 2026. Then came two rounds, a paused deal and a U.S. order, all in six months.
How the price moved
Reported valuations, U.S. dollars
The striped bar is my calculation (about 600 billion yuan), not a reported figure. Exchange rates vary between outlets.
Who owned DeepSeek after round 1
Share of registered capital, July 2026, as reported by Caixin
Registered capital is not the same as economic value. The October round is not yet in any reported filing.
- 22 Apr 2026Tencent and Alibaba in talks, valuation above $20 billionThe Information · first round, talks only
- 16 Jun 2026Round 1 closes: more than 50bn yuan ($7.4bn), “unusual deal structure”The Information · Liang 20bn, Tencent ~10bn, CATL 5bn yuan (Reuters, Caixin)
- 25 Jul 2026Round 2 paused after a purported investor transcript went viralBloomberg
- 6 Oct 2026Round may double to 100bn yuan; state-backed funds and companies “jostling”CNBC
- 20 Oct 2026U.S. order: DeepSeek products out of federal civilian ITDHS, Federal Register 2026-21447
- 22 Oct 2026About 100bn yuan raised · Reuters: “wrapping up”, “not ironclad”Bloomberg, Reuters, WSJ
- 23 Oct 2026Closed at 106bn yuan ($15.9bn), three people sayThe Information
- 30 Oct 2026Investor details: tech titans and “state-backed institutions”The Information
Sources: The Information, 22 Apr 2026; The Information, 16 Jun 2026; The Information, 23 Oct 2026; The Information, 30 Oct 2026; Reuters, 22 Oct 2026; Bloomberg, 22 Oct 2026; WSJ, 22 Oct 2026; CNBC, 6 Oct 2026; Caixin, 17 Jul 2026; DHS order, Federal Register, 20 Oct 2026. Arithmetic marked as mine.
Powered by Thorsten Meyer AI
What New Capital Could Fund
A financing on this scale could give DeepSeek more room to compete for AI talent, computing capacity and infrastructure, while continuing to develop models. Those are potential uses, not confirmed commitments: DeepSeek has not said whether the reported proceeds will go toward training, data centers, hiring or other projects. Nor does the reported valuation establish how the company will perform or how much its models will cost to develop.
The raise also matters because DeepSeek built its profile around producing capable AI models at comparatively low cost. More capital could support a larger research and deployment effort, but could also change the story from a lab relying principally on its owner to one backed by a broad group of corporate and financial investors. For businesses weighing its tools, the funding news does not itself change product terms, model availability or data practices.
Reports of possible state-linked investment add a separate point of interest for companies and public agencies evaluating the service. The reported round’s exact ownership structure is not yet established, however. The June shareholder information cited in the source account showed a small direct stake for a national AI investment fund; that earlier holding does not confirm who participated in the October financing.
Popular right now
Ninja Hot & Iced XL Coffee Maker with Rapid Cold Brew, Black, CM371
Dyson Ball Animal 3 Corded Upright Vacuum
Ninja Flip Toaster Oven and Air Fryer, 8-in-1, Stainless Steel, SP151
As an affiliate, we earn on qualifying purchases.
From Self-Funded Lab to Two Rounds
DeepSeek is based in Hangzhou and was founded by Liang Wenfeng. The source account describes the company as owned by hedge fund High-Flyer, which financed it before outside fundraising. A reported first round closed in June, with The Information putting it at more than 50 billion yuan, or $7.4 billion, and a valuation above $50 billion. Caixin later cited a filing by a small listed investor that implied a post-money valuation above 350 billion yuan, about $52 billion.
Earlier reports should not be confused with the current financing. In April, The Information reported that Tencent and Alibaba were discussing an investment at a valuation above $20 billion, before DeepSeek’s first outside round. The source account says Alibaba does not appear in investor lists for either reported round. Reuters and Caixin reporting cited there put Tencent’s participation in the June financing at about 10 billion yuan and CATL’s at about 5 billion yuan; those figures relate to the earlier round, not the new one.
The reported second round developed over several months. Bloomberg said in July that the round had paused, and CNBC reported in October that it might double to 100 billion yuan. On October 22, Bloomberg, Reuters and the Journal reported the roughly 100 billion yuan financing; Reuters described it as nearing completion. The Information reported on October 23 that it had closed, then published additional investor details on October 30.
„wrapping up“
— Reuters, describing the round on October 22
The Round’s Size and Ownership
DeepSeek has not confirmed the financing, so the final amount, closing date and investor roster remain unverified by the company. The main reports give totals of 100 billion yuan and 106 billion yuan. They also differ in their descriptions of the round’s status: Reuters said it was wrapping up, while The Information said it had closed.
It is also unclear who led the financing and how much state-linked capital participated. Bloomberg and Reuters name CATL and Tencent among the largest investors. The claim that a state chip fund led the round with 27% state capital is not corroborated by a second outlet in the source account. No updated company registry information for the October round is cited, so the effect on Liang’s reported ownership and control cannot yet be determined.
The reported valuation and revenue figure also need careful qualification. About 500 billion yuan is a reported pre-money valuation, not a publicly confirmed transaction value. Liang’s reported $1 billion annualized revenue pace is an attributed statement, not an audited disclosure. DeepSeek has not outlined what the new capital will fund or whether it will change its models, products or commercial approach.
Company Disclosure and Ownership Filings
The next useful confirmation would be a statement from DeepSeek setting out the round’s amount, completion and investors. Updated registry filings could help clarify new shareholders and ownership stakes, including whether state-linked institutions participated and whether Liang’s reported control changed.
Readers should also watch for disclosures on how the company plans to use the reported proceeds. Until DeepSeek provides those details, expansions in research, computing or product offerings remain possibilities rather than announced plans. The financing reports do not indicate an immediate change to the company’s app or services.
For organizations using DeepSeek, the source account distinguishes between the company’s app and API, which it says store data in China, and model weights available under a permissive MIT licence that can be run on an organization’s own servers. It also reports that a U.S. Department of Homeland Security order dated October 20 directs federal civilian agencies to remove DeepSeek products from their IT systems. Those facts are separate from the funding round, but they may affect how institutions assess their deployment choices.
Key Questions
How much did DeepSeek reportedly raise?
Bloomberg, Reuters and The Wall Street Journal reported about 100 billion yuan, roughly $15 billion. The Information reported 106 billion yuan, or about $15.9 billion, and said the round had closed. DeepSeek has not confirmed the amount.
Who reportedly invested in the round?
Bloomberg and Reuters named CATL and Tencent among the largest investors. Reuters also listed Midea, Meituan, Geely, GigaDevice, NetEase, IDG Capital, Boyu Capital, CPE and Legend Capital. The full investor list has not been confirmed by DeepSeek.
Has DeepSeek said what it will do with the money?
No spending plan is included in the supplied reporting, and DeepSeek has not publicly detailed how it would use the reported proceeds. More model research or computing infrastructure are possible uses, not confirmed plans.
Did a state-backed fund lead the financing?
That claim appears in summaries of The Information’s report, but the source account says it could not verify the detail and that no second outlet reported it. The round’s leadership and state-linked ownership remain unclear.
Does the funding report change DeepSeek’s products or data practices?
The reporting does not describe an immediate product change. The source account says DeepSeek’s app and API store data in China, while its model weights are available under the MIT licence for self-hosting. Users and organizations should distinguish between those deployment options.
Source: ThorstenMeyerAI.com
