DeepSeek, the Hangzhou-based AI company, has raised about 100 billion yuan (about $15 billion) in its latest funding round, according to Bloomberg, which cited people familiar with the matter on October 22, 2026. Reuters reported the same day that the round was being finalized and expected to close in the coming days, and that financial terms could still change. As of October 27, we found no public statement from DeepSeek that confirms the amount or the investor list.
Reuters said the financing would rank among China's largest fundraising rounds. It comes about four months after DeepSeek closed its first outside round in June. Below is what the reports say, what they do not say, and why the money matters for the company and for China's AI race.
What was reported
- Size. About 100 billion yuan, or about $15 billion, according to Bloomberg.
- A rising target. DeepSeek raised its target at least twice, from an initial 50 billion yuan to 80 billion yuan and then to about 100 billion yuan, Bloomberg reported.
- Lead backers. Battery maker CATL and Tencent, which runs WeChat, were among the largest investors, according to both Bloomberg and Reuters. TMTPost describes both as existing shareholders.
- Valuation. TMTPost reported a pre-money valuation near 500 billion yuan. DeepSeek has not disclosed a valuation.
- Status. Bloomberg described the money as raised. Reuters described the round as being finalized. Treat the final numbers as unconfirmed until DeepSeek or an investor filing states them.
Who else is in
TMTPost reported on October 23 that Legend Capital, the venture arm of Legend Holdings, joined the round. It named these new investors:
- Shixi Capital, which TMTPost links to chipmaker GigaDevice
- Zhongxin Juyuan, which TMTPost describes as backed by SMIC
- CPE Yuanfeng
- Automaker Geely
It said returning backers include IDG Capital, Monolith and Shixiang Capital. TMTPost read the list as a sign that DeepSeek prefers industrial partners that can help with computing infrastructure, chip supply and places to deploy its models. That is TMTPost's reading, not a statement from DeepSeek.
How DeepSeek got here
For most of its life DeepSeek took no outside money. Founder Liang Wenfeng funded it through his quant hedge fund, High-Flyer, Reuters reported in June. That changed in 2026.
- May 6. Reuters reported that DeepSeek could be valued at up to $50 billion in its first fundraising, with China's national AI fund in talks to lead.
- June 16. Reuters, citing The Information, reported that DeepSeek raised more than 50 billion yuan ($7.40 billion) at a valuation above $50 billion. Investors put money into a limited partnership managed by Liang rather than into DeepSeek itself. They accepted a five-year lock-up and no voting rights. The National Artificial Intelligence Industry Investment Fund was the one exception: it invested directly and kept voting rights. Reuters said it could not immediately verify the report.
- July 15. Reuters reported that DeepSeek planned a new round at about 500 billion yuan ($74 billion) ahead of a potential mainland IPO, seeking as much as 50 billion yuan. On July 25, Reuters said Bloomberg had reported that DeepSeek paused that round for now.
- October 22. Bloomberg reported the round at about 100 billion yuan, double that July figure.
We do not know if the June investor terms (the partnership structure, the lock-up, the lack of votes) apply to this round. None of the October reports we read describe the deal structure.
Why it matters
It narrows a money gap, but does not close it. Bloomberg noted that OpenAI and Anthropic have each raised more than $100 billion, and that DeepSeek still has considerably less financial firepower. A $15 billion round is large for China but small next to the US leaders.
DeepSeek now has revenue to show. The Information reported on September 24 that DeepSeek's annualized revenue run rate reached $1 billion, more than double its level a few months earlier, according to China Daily's summary of that report. Liang disclosed the figure at a meeting with investors and said higher prices for model access had not driven customers away, the report said. China Daily adds that DeepSeek makes most of its revenue by charging businesses and developers for API access.
Usage is high. DeepSeek V4.1-Flash-1017 topped OpenRouter's weekly ranking with 33.6 trillion tokens, Yicai reported on October 27. OpenRouter counts only traffic sent through its own platform, so this is not market share. We covered the earlier ranking in Chinese AI Models Lead OpenRouter Usage.
The investor mix points at compute. Chip-linked backers such as the SMIC-backed and GigaDevice-linked funds fit a company that must train on hardware it can buy under US export rules. That is our analysis. No report we read says what DeepSeek will spend the money on, beyond Bloomberg's line that it helps the company compete with US rivals.
An IPO may be next. Reuters linked the July plan to a potential mainland listing, and TMTPost said the new round strengthens DeepSeek's position as it prepares for a potential STAR Market listing. DeepSeek has announced no listing.
What to watch
- A confirmation from DeepSeek, or registration filings by investors, with the final amount and valuation.
- Whether the round uses the same founder-control structure as the June deal.
- Any IPO filing on Shanghai's STAR Market.
- What the money buys: model releases, compute deals, or more products like DeepInfer.
Sources
- Bloomberg via Investing.com: DeepSeek raises $15 bln in Tencent, CATL-backed funding round (Oct 22, 2026)
- China Daily, citing Reuters: DeepSeek nears $15 billion funding round (Oct 22, 2026)
- TMTPost: Legend Capital and industry backers join DeepSeek's 100 billion yuan round (Oct 23, 2026)
- Reuters: DeepSeek could be valued at up to $50 billion in first fundraising (May 6, 2026)
- Reuters: DeepSeek slated to raise $7 billion in maiden funding round (Jun 3, 2026)
- Reuters: DeepSeek closes over $7 billion funding with unusual deal structure (Jun 16, 2026)
- Reuters: DeepSeek to raise fresh capital at $74 billion valuation (Jul 15, 2026)
- Reuters: DeepSeek tells prospective investors of funding pause, Bloomberg News reports (Jul 25, 2026)
- Yicai: OpenRouter weekly ranking (Oct 27, 2026)
