
DeepSeek's new funding round swells toward $15 billion
The move
DeepSeek is close to securing at least 80 billion yuan (about $12 billion) in a new funding round that could reach roughly 100 billion yuan (about $15 billion) based on signed term sheets, with Tencent and battery maker CATL committing the largest amounts.
Why it matters
The round would value founder Liang Wenfeng's AI lab far above its first outside round earlier in 2026, and ties two of China's biggest corporate names, Tencent's Ma Huateng and CATL's Robin Zeng, directly to its growth.
The bear case
Neither DeepSeek, Tencent nor CATL has publicly confirmed the terms, and the round was reportedly paused once already after comments from Liang about reliance on Nvidia chips went viral.
What to watch
Whether the round closes near $15 billion and whether DeepSeek proceeds with a flagged 2027 Shanghai STAR Market listing.