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DeepSeek is reportedly nearing a funding round worth more than 80 billion yuan (about $11.93 billion), with Tencent and CATL among its largest contributors. Reuters reported on October 6, 2026, citing one person familiar with the matter for the expected amount and two unnamed sources for an October completion window. The round had not been confirmed closed, and Reuters said it could not immediately verify Bloomberg’s account, which first reported the news.
What is reported about DeepSeek’s funding round?
Reuters reported that the round was expected to exceed 80 billion yuan, equivalent to $11.93 billion at Reuters’ stated conversion rate of $1 to 6.7045 yuan. That would be above the reported original target of 50 billion yuan. These are reported figures, not confirmed transaction terms.
Reuters said Tencent and CATL had committed amounts among the largest in the round, but did not give their individual allocations. DeepSeek, Tencent and CATL had not immediately responded to Reuters’ requests for comment as of its October 6 report.
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Not according to the available report. Reuters said the financing was expected to wrap up in October, citing two unnamed sources. Its October 6 report described an anticipated completion, not a closed transaction or a public confirmation from DeepSeek or the investors.
How do the reported funding figures differ?
| Figure | What it represents |
|---|---|
| 50 billion yuan | Reuters’ reported original fundraising target for this round. |
| More than 80 billion yuan ($11.93 billion) | The amount Reuters reported the round was expected to raise, based on one person familiar with the matter. |
| Up to 100 billion yuan | A possible final total attributed to Bloomberg’s unnamed sources and reported by Reuters; it is not confirmed. |
The amounts describe different stages or possibilities: an original target, a reported expected raise and a possible upper outcome. None establishes the final amount. Reuters also reported that fundraising began in July with a target valuation of 500 billion yuan; that is a reported target, not a confirmed final valuation.
Does the funding mean DeepSeek is preparing for an IPO?
Reuters has linked the financing to possible preparation for a listing on China’s STAR Market, but that is not the same as a scheduled IPO. In its earlier reporting, Reuters said the timing, valuation and fundraising size remained undecided. The available reports do not establish an IPO date or final valuation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is the financing’s wider context?
Reuters said the latest financing followed DeepSeek’s maiden external funding round, which it had previously reported at about $7.4 billion. Reuters also reported that DeepSeek recently partnered with Huawei on programming tools optimized for Huawei Ascend AI chips. DeepSeek described its DeepSeek-V4.1-Flash model as designed to offer greater capability, faster inference, higher throughput and support for scaling to larger models; those are company claims, not independently verified performance results.
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