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DeepSeek is reportedly close to securing at least 80 billion yuan (US$12 billion) in new financing. Signed term sheets could lift the total to nearly 100 billion yuan (about US$14.9 billion). Tencent and CATL are reported among the largest contributors. The figures come from anonymous sources in a Bloomberg report carried by The Business Times on October 6, 2026. The round has not been confirmed as closed, and the report says details may change.
What is actually reported
- Amount: at least 80 billion yuan (US$12 billion) in the latest financing. Signed term sheets could take the total near 100 billion yuan (about US$14.9 billion).
- Investors: Tencent and CATL are named among the largest contributors. The report gives no individual amounts for this round.
- Status: near completion. Final talks were reportedly still underway, and the terms could change.
- IPO: after the round closes, the next step is reportedly a restructuring to prepare for an IPO in early 2027, according to people familiar with the matter.
The sources are anonymous, not company filings. CATL declined to comment and Tencent had no immediate comment. DeepSeek did not respond, and the report notes this fell during a Chinese public holiday. Treat every number here as reported, not announced.
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How this round compares with earlier reports
The fundraising has moved through several reported stages. The figures describe different points in an evolving process, so don’t add them together or treat one as the price of another.
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| Report | Amount | Valuation | Notes |
|---|---|---|---|
| Reuters, June 3, 2026 | About 50 billion yuan ($7.4 billion), described as the first external round | Projected post-money of 350–400 billion yuan ($52–59 billion) | Proposed contributions: 20 billion yuan from founder Liang Wenfeng, 10 billion from Tencent, 5 billion from CATL. Historical proposals, not this round’s shares. |
| South China Morning Post, August 26, 2026 | About 50 billion yuan sought | About 500 billion yuan (US$74 billion) pre-investment | Also described a possible Shanghai STAR Market listing. |
| Bloomberg via The Business Times, October 6, 2026 | At least 80 billion yuan ($12 billion); possibly near 100 billion yuan (~$14.9 billion) | The report cites an original target of about 500 billion yuan; no final valuation is given | Original target for the round was about 50 billion yuan. Early-2027 IPO preparation is next. |
The October report therefore describes a round that grew well beyond its initial target of about 50 billion yuan. It does not state what valuation the larger round will carry. The August pre-money figure shouldn’t be read as the final price.
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Is DeepSeek going public in 2027?
Possibly, but nothing is confirmed. Early 2027 is a reported target that depends on the round closing and on a restructuring. The August report pointed to a potential Shanghai STAR Market listing. The sources reviewed show no filed prospectus, confirmed date or company announcement of an IPO plan. Until DeepSeek or a regulator publishes something, the timeline is an informed expectation from unnamed people.
Where the money may go: compute
The same Bloomberg report says DeepSeek planned at least 160,000 Huawei accelerators for a large data center under construction in Inner Mongolia. This is a reported plan, and it fits the hardware constraint described in the June Reuters coverage. In that article, Alfredo Montufar-Helu of Ankura China Advisors said: “Western export bans mean DeepSeek cannot access frontier American silicon. Without the ability to buy that hardware, they have no reason to match the multi-billion-dollar computing budgets of their U.S. rivals.” His comment concerned the earlier round, not these terms. The sources do not say how the new funds will be allocated.
Quick Recap
What to watch next
- An official statement from DeepSeek, Tencent or CATL confirming the investors, amounts and closing.
- A disclosed valuation for the final round.
- Evidence of the restructuring, which is the reported precursor to an IPO.
- Any exchange filing, which would be the first firm sign of a listing venue and date.
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