DeepSeek has raised about 100 billion yuan ($15 billion) in its latest round, Bloomberg reported at 02:17 UTC on October 22, 2026, citing people familiar with the matter. Battery maker CATL and Tencent were among the biggest investors. DeepSeek, CATL and Tencent have not confirmed it.
Reuters followed less than two hours later with two sources of its own. DeepSeek is wrapping up the round, set to be complete “in the coming days,” and its details “could still change.” The company has now doubled the 50 billion yuan it first set out to raise.
Bloomberg reported on October 22, 2026 that DeepSeek raised about 100 billion yuan ($15 billion), one of China’s largest rounds.
DeepSeek raised its target at least twice, from 50 billion yuan to 80 billion before reaching about 100 billion.
Battery maker CATL and Tencent were among the biggest investors, Bloomberg and Reuters report on their own sources.
CNBC reported on October 6 that DeepSeek sought a valuation of about 500 billion yuan ($75 billion); no outlet has reported the final valuation.
DeepSeek, CATL and Tencent have not confirmed the round, and Reuters says the details could still change.
§ 01The round, as reported
| Item | Reported figure | Source |
|---|---|---|
| Amount raised | About 100 billion yuan ($15 billion) | Bloomberg, Reuters |
| First target | 50 billion yuan | Bloomberg, CNBC |
| Raised target | 80 billion yuan | Bloomberg |
| Biggest investors named | CATL, Tencent | Bloomberg, Reuters |
| Committed by Oct 6 | CATL, Geely Auto, Monolith Management, Loyal Valley Capital | CNBC, one source |
| Valuation sought | About 500 billion yuan ($75 billion) | CNBC, Oct 6 |
| Status | Wrapping up; details could still change | Reuters |
Reuters converts 100 billion yuan at $14.98 billion. CNBC had reported on October 6 that DeepSeek was considering a round of up to 100 billion yuan, with state-backed funds and corporate investors competing for stakes and private funds raised from individuals turned away. Today’s reports say it got there.
§ 02Who has confirmed what
- Confirmed by the company: nothing yet. Reuters says DeepSeek, CATL and Tencent could not be reached; CNBC got no reply from DeepSeek, CATL, Geely, Monolith or Loyal Valley on October 6.
- Reported by two outlets on their own sources: the amount, and CATL and Tencent as lead backers (Bloomberg and Reuters).
- Reported once: the valuation of about 500 billion yuan and the other named investors (CNBC, October 6). Bloomberg’s report does not give a valuation.
§ 03The earlier round and the IPO plan
DeepSeek took outside money for the first time this year. Its first external round closed in June and raised about 50 billion yuan, and an investor filing implied a valuation of roughly 350 billion yuan, CNBC reported. In September, Reuters reported that DeepSeek had hired CITIC Securities to prepare for a possible listing on Shanghai’s STAR Market.
The talks were not smooth. CNBC reports they were briefly suspended after founder Liang Wenfeng reportedly told a private investor meeting that Chinese AI companies still lagged far behind their US counterparts and relied heavily on Nvidia chips. At a July meeting he said he puts reaching artificial general intelligence ahead of maximizing profit.
§ 04What it means
This is money for compute. DeepSeek’s models are known for doing more with less: V4.1 Flash shipped in September, and it open-sourced DeepInfer, the engine that serves it. A round this size is a bet that it can keep up at the frontier with more of its own hardware rather than with efficiency alone.
The US side is moving the other way: Homeland Security has ordered DeepSeek off federal civilian systems. Chinese investors are backing DeepSeek harder as US agencies remove it.
§ 05Sources
- Bloomberg, China’s DeepSeek Raises $15 Billion to Challenge Top US AI Labs, October 22, 2026.
- Reuters, DeepSeek wrapping up $15 billion fundraising to fuel AI race, October 22, 2026.
- CNBC, DeepSeek considers doubling latest funding round to up to $15 billion, sources say, October 6, 2026.
Q1What valuation is DeepSeek getting?
Not reported for the final round. CNBC said on October 6 that DeepSeek was seeking about 500 billion yuan ($75 billion); Bloomberg’s report gives no valuation.
Q2Who reported the DeepSeek round first?
Bloomberg, at 02:17 UTC on October 22, 2026. Reuters followed with two sources of its own about two hours later.
Q3How much did DeepSeek raise before this?
Its first external round closed in June and raised about 50 billion yuan, with an investor filing implying a valuation of roughly 350 billion yuan, CNBC reported.
Q4Is DeepSeek going public?
Reuters reported in September that DeepSeek hired CITIC Securities to prepare for a possible listing on Shanghai’s STAR Market. No listing date is public.