DeepSeek Nears $12 Billion Funding Round Backed by Tencent and CATL Ahead of 2027 IPO

Bloomberg reported on October 6, 2026, that DeepSeek is close to securing at least 80 billion yuan ($12 billion) in a new funding round, with Tencent and Contemporary Amperex Technology Co. (CATL) among its biggest backers, as the company builds toward a planned initial public offering in early 2027.

Details

• Target raised: DeepSeek originally sought around 50 billion yuan ($7.4 billion), but is now close to securing at least 80 billion yuan ($12 billion) and is reportedly considering doubling the round to as much as 100 billion yuan (~$15 billion)
• Key backers: Tencent and CATL are named among the largest investors in the round
• Why demand jumped: investor interest reportedly exceeded expectations following the release of DeepSeek’s latest AI model, with separate reporting (The Information) on the company’s revenue figures also feeding enthusiasm
• IPO timeline: the round is being raised ahead of a landmark IPO DeepSeek is targeting for early 2027
• Market context: the news comes amid a broader wave of Chinese AI releases — DeepSeek and its domestic peers reportedly shipped 16 AI models in a single month — despite Anthropic CEO Dario Amodei’s public calls for the industry to slow down

What happened next

If finalized, the round would rank among the largest private funding rounds raised by a Chinese AI lab, cementing DeepSeek’s position as a frontier competitor backed by major domestic capital ahead of its IPO. It also lands alongside reports that rival Moonshot AI is separately eyeing a Hong Kong listing at a $50 billion valuation, underscoring how capital markets are moving to back China’s leading AI labs even as geopolitical scrutiny of the sector continues.