DeepSeek reportedly nears $12 billion funding round backed by Tencent and CATL

DeepSeek is close to securing at least RMB 80 billion ($12 billion) in a new funding round, with Tencent and battery maker CATL among the largest investors, Bloomberg reported on October 6, citing people familiar with the matter. The Chinese AI company initially sought about RMB 50 billion, but investor interest pushed commitments above that target. The final amount could approach RMB 100 billion based on signed term sheets, although details may still change before the round closes. DeepSeek plans to restructure after completing the financing to prepare for a potential initial public offering in early 2027, according to the report. The company did not respond to Bloomberg’s request for comment during the Chinese public holiday. [Bloomberg]