🔍 Read the full analysis: A Reported $16 Billion Raise Puts DeepSeek’s Funding Plans In The Spotlight on ThorstenMeyerAI.com
Get the latest gadgets delivered free with Prime
- Fast, free delivery on millions of items
- Prime Video, Amazon Music and more included
- Member-only deals all year
TL;DR
Several news organizations report that DeepSeek raised about 100 billion yuan, or roughly $15 billion, in a second funding round; The Information puts the figure at 106 billion yuan, about $15.9 billion, and says the round closed. DeepSeek has not publicly confirmed the financing, and reports differ on its size and leading investors, including an unverified claim of significant state-backed participation.
DeepSeek is reported to have raised about 100 billion yuan—roughly $15 billion—in a second outside funding round, a financing that could value the Chinese AI company at about 500 billion yuan before the investment. Bloomberg, Reuters and The Wall Street Journal reported the approximate figure on October 22; The Information later put the total at 106 billion yuan, about $15.9 billion, and said the round had closed. DeepSeek has not publicly confirmed the financing, so its final size, participants and completion remain unverified by the company.
The reporting points to a round that grew well beyond its initial target. Bloomberg, Reuters and the Journal put the amount at about 100 billion yuan, while The Information reported 106 billion yuan. Reuters described the financing as wrapping up in its October 22 report; The Information said on October 23 that it had closed. The reports broadly place the company’s pre-money valuation at approximately 500 billion yuan. Those figures are reported terms, not details confirmed by DeepSeek.
CATL and Tencent are named by Bloomberg and Reuters among the largest investors. Reuters also lists Midea, Meituan, Geely and chipmaker GigaDevice, as well as existing shareholders NetEase and IDG Capital and investment firms Boyu Capital, CPE and Legend Capital. The Information’s October 30 account describes participation by Chinese technology investors and state-backed institutions. However, a claim circulated in summaries of that report that the state chip fund led the round, with 27% state capital, has not been independently verified in the material provided and is not reported by a second outlet.
The size also differs by source: 100 billion yuan in the reports from Bloomberg, Reuters and the Journal, compared with The Information’s 106 billion yuan. The Information’s figure is equivalent to about $15.9 billion; currency conversions and the underlying yuan amount should not be treated as independently confirmed company figures. No new company registry information establishing the October round’s ownership distribution is reported here.
Infographic 01 · Two rounds in six months
From self-funded to $74 billion.
DeepSeek took no outside money until 2026. Then came two rounds, a paused deal and a U.S. order, all in six months.
How the price moved
Reported valuations, U.S. dollars
The striped bar is my calculation (about 600 billion yuan), not a reported figure. Exchange rates vary between outlets.
Who owned DeepSeek after round 1
Share of registered capital, July 2026, as reported by Caixin
Registered capital is not the same as economic value. The October round is not yet in any reported filing.
- 22 Apr 2026Tencent and Alibaba in talks, valuation above $20 billionThe Information · first round, talks only
- 16 Jun 2026Round 1 closes: more than 50bn yuan ($7.4bn), “unusual deal structure”The Information · Liang 20bn, Tencent ~10bn, CATL 5bn yuan (Reuters, Caixin)
- 25 Jul 2026Round 2 paused after a purported investor transcript went viralBloomberg
- 6 Oct 2026Round may double to 100bn yuan; state-backed funds and companies “jostling”CNBC
- 20 Oct 2026U.S. order: DeepSeek products out of federal civilian ITDHS, Federal Register 2026-21447
- 22 Oct 2026About 100bn yuan raised · Reuters: “wrapping up”, “not ironclad”Bloomberg, Reuters, WSJ
- 23 Oct 2026Closed at 106bn yuan ($15.9bn), three people sayThe Information
- 30 Oct 2026Investor details: tech titans and “state-backed institutions”The Information
Sources: The Information, 22 Apr 2026; The Information, 16 Jun 2026; The Information, 23 Oct 2026; The Information, 30 Oct 2026; Reuters, 22 Oct 2026; Bloomberg, 22 Oct 2026; WSJ, 22 Oct 2026; CNBC, 6 Oct 2026; Caixin, 17 Jul 2026; DHS order, Federal Register, 20 Oct 2026. Arithmetic marked as mine.
Powered by Thorsten Meyer AI
A New Scale for DeepSeek’s Financing
If the reported terms are accurate, the round would mark a sharp change in how DeepSeek finances its growth. The company became known for AI models developed with comparatively modest costs and for operating without outside funding, with its owner, the hedge fund High-Flyer, covering expenses. A reported 100 billion yuan investment would bring a large group of private and potentially state-linked investors into a company whose resources and influence are drawing wider attention.
The financing could matter to companies weighing whether to use DeepSeek’s models and services, but a fundraising report does not by itself change the models’ availability, licensing or data practices. The source material says the open model weights remain under the MIT licence and can be run on a company’s own servers. It also says DeepSeek’s app and API store data in China. Those are different ways of using the technology, and organizations should distinguish self-hosted models from the company’s hosted products when reviewing their exposure.
For public-sector users in the United States, a separate development is already in place: an October 20 Department of Homeland Security order directs federal civilian agencies to remove DeepSeek products from their IT systems. That government restriction is distinct from the reported financing and should not be read as a general ban on private or commercial use.
Popular right now
De'Longhi Magnifica Evo Fully Automatic Espresso Machine with Manual Milk Frother, Silver
TCL QM64L 85-Inch QD-Mini LED 4K Smart Fire TV
Bose QuietComfort Wireless Bluetooth Headphones with Active Noise Cancellation, Mic, USB‑C Charging, Deep Bass, 24‑Hour Battery – White Smok
As an affiliate, we earn on qualifying purchases.
Two Rounds Behind the Headlines
The reports describe a fundraising process that began with DeepSeek’s first outside round in June 2026. The Information reported on June 16 that the company had raised more than 50 billion yuan, or $7.4 billion, at a valuation above $50 billion. A stock-exchange filing reviewed by Caixin was later cited as indicating a post-money valuation above 350 billion yuan, or about $52 billion. Reuters and Caixin reported investments in that round from Tencent, CATL and founder Liang Wenfeng, among others.
That earlier round is not the same as an April report about possible investment talks with Tencent and Alibaba. The source material says The Information’s April 22 story described talks at a valuation above $20 billion, before the first round. It also says Alibaba appears on no reported investor list for either completed round. Treating the April talks as part of the October financing would conflate separate stages of the process.
Ownership data cited after the June financing reportedly showed Liang held about 91% of registered capital, directly or through a partnership he controls, while a state-linked National AI Industry Investment Fund held about 0.28%. Those figures describe the last reported register, not the ownership structure after the reported October round. No updated registry change for the new financing is included in the source material.
“a who’s who of Chinese tech investors—and some of the country’s most powerful state-backed institutions”
— The Information, as quoted in its reporting on the round
Round Size and Investor Stakes
DeepSeek has not publicly confirmed the round, and the source material provides no company statement setting out its terms. The reported total remains either about 100 billion yuan or 106 billion yuan, depending on the outlet. Reports also differ in how they describe the round’s status: Reuters said it was wrapping up, while The Information reported that it had closed.
The composition of the investor group is also not settled in the available reporting. CATL and Tencent appear among the largest investors in accounts from Bloomberg and Reuters, while The Information adds state-backed institutions. The more specific claim that the state chip fund led the round and supplied 27% state capital could not be verified from a second report in the source material. The final shareholdings, individual investment amounts and any change to Liang’s control are not established by an updated registry record cited here.
Other reported financial details need similar care. The Journal and The Information say Liang told investors in September that DeepSeek’s revenue was running at an annualized pace of $1 billion. That is a reported statement, not an audited result. The exact valuation and whether all reported commitments have been funded are also not confirmed by the company.
Company Confirmation and Registry Updates
The next clear evidence would be a statement from DeepSeek or updated company filings identifying the amount raised, whether the round is complete, its valuation and the investors’ stakes. Those details could resolve the differences between the reported 100 billion and 106 billion yuan totals and clarify the extent of state-backed participation. Until then, the financing terms should be treated as reported, not company-confirmed.
For users and organizations, the source material reports no change to DeepSeek’s app or model access as a result of the financing. Organizations reviewing use should check whether they rely on self-hosted open model weights or DeepSeek’s hosted app and API, since those options have different data-handling arrangements. U.S. federal civilian agencies must follow the separate October 20 removal order. The practical effects of the reported raise on DeepSeek’s products, operations or governance remain unknown.
Key Questions
How much did DeepSeek reportedly raise?
Bloomberg, Reuters and The Wall Street Journal reported about 100 billion yuan, roughly $15 billion. The Information reported 106 billion yuan, about $15.9 billion. DeepSeek has not confirmed the amount.
Has DeepSeek confirmed that the round closed?
No public confirmation from DeepSeek is included in the source material. Reuters described the round as wrapping up on October 22; The Information said on October 23 that it had closed.
Which investors are named in reports?
Bloomberg and Reuters name CATL and Tencent among the largest investors. Reuters also lists Midea, Meituan, Geely, GigaDevice, NetEase, IDG Capital, Boyu Capital, CPE and Legend Capital. Reported state-backed participation has not been fully corroborated.
Does the reported funding change how companies can use DeepSeek?
The source material reports no product or licensing change tied to the round. It says the open model weights remain under the MIT licence and can be run on a company’s own servers, while DeepSeek’s app and API store data in China. U.S. federal civilian agencies are subject to a separate order to remove DeepSeek products from their systems.
Source: ThorstenMeyerAI.com
