DeepSeek seeks at least €10.3bn as funding talks run past its target
DeepSeek is close to raising at least 80bn yuan, about €10.3bn ($12bn), with Tencent and battery maker CATL among its largest backers, Bloomberg reports. The round began with a 50bn-yuan target and could approach 100bn yuan (€12.9bn; $15bn), while the company prepares for a potential early-2027 IPO. The capital is intended to support a major computing build-out, including a data centre in Inner Mongolia.
Bottom line — DeepSeek’s funding round could reach 100bn yuan (€12.9bn), but the final terms remain unsettled.
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Bloomberg says signed term sheets point to a possible total near 100bn yuan (€12.9bn; $15bn); CNBC also reports the round could reach that level, though talks remain fluid.
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CNBC reports DeepSeek is seeking a valuation of about 500bn yuan (€64.5bn; $75bn); Bloomberg says the current financing is still being finalised.
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Bloomberg reports Tencent and CATL have committed among the largest amounts. CNBC also names Geely Auto, Monolith Management and Loyal Valley Capital as investors.
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Bloomberg says DeepSeek plans to deploy at least 160,000 Huawei accelerators at its Inner Mongolia data centre.
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The fundraising briefly paused after remarks attributed to founder Liang Wenfeng about Chinese AI lagging the US and relying on Nvidia chips, Bloomberg and CNBC report.
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CNBC says DeepSeek is screening investors closely, favouring government and corporate funds over private funds raised from individual investors.
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Bloomberg reports the next step after the round is expected to be restructuring for a possible early-2027 IPO.