DeepSeek doubles round to $15 billion, led by CATL and Tencent
What's the deal? Chinese AI startup DeepSeek is nearing completion of a funding round that has doubled to US$13.8B (≈$15 billion), co-led by battery giant CATL and Tencent. Its pre-money valuation holds steady at about US$68.8B, with investment split roughly evenly between existing and new shareholders.
Who's in? New backers include Stony Creek CapitalDealroom has a profile for this one. Try Dealroom →, China Fortune-Tech Capital, CPE Asset Management, Legend Capital, and GeelyDealroom has a profile for this one. Try Dealroom →. Existing shareholders CATL, Tencent, IDG Capital, Lux Capital, and Silicon 100 are also participating; CATL is doubling its bet, adding about US$1.38B after roughly US$687.5M in the first round.
Why now? DeepSeek launched this second round in July, just after closing a first round of over US$6.88B in June. If completed, the deal would bring total capital raised to US$20.6B in six months — the largest primary market financing in China this year.
What's the endgame? The funds will support DeepSeek's global competition with US rivals such as OpenAI and Anthropic. Reports say the money is earmarked for model research and computing power, as the company prepares a corporate restructuring and an initial public offering on Shanghai's Star Market.
What could go wrong? The total and terms are not yet settled, so the US$13.8B figure remains a reported target rather than a closed round.
The signal: The round fits a surge in Chinese AI fundraising, with rival Moonshot AI reportedly nearing a $50 billion valuation and its own Hong Kong IPO. The scale — and the mix of industrial and tech investors — signals confidence in DeepSeek's growth and the heavy capital demands of frontier model development.
Read more: bbx.com
Image credit: Thiện Ân
