Chinese artificial intelligence startup DeepSeek is nearing the completion of a fundraising round worth approximately $15 billion. The company has attracted more than 15 investors as China seeks to strengthen its position in the global AI race. Four people familiar with the matter said the round totals about 100 billion yuan, equivalent to $14.98 billion. However, the final financial details and investor list could still change.
Major participants include chipmaker GigaDevice, food delivery platform Meituan and automaker Geely, according to people familiar with the deal. Meanwhile, existing shareholders Tencent Holdings and battery manufacturer CATL ranked among the largest investors. Home appliances maker Midea and internet company NetEase also joined the round. Other participants include Boyu Capital, CPE, Legend Capital and IDG Capital.
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The latest fundraising significantly exceeds DeepSeek’s original target of 50 billion yuan. Sources previously valued the company at 500 billion yuan before the new investment. Consequently, the funding reflects strong investor interest in the company and its role in China’s technology industry. Many investors reportedly have links to state institutions or major corporations.
Analyst Lian Jye Su of research firm Omdia said the valuation reflects investor confidence in DeepSeek’s open-source strategy. He also noted that several investors supply critical technology components. Therefore, DeepSeek could become an important part of China’s domestic technology supply chains. The company did not immediately respond to requests for comment, while Geely declined to comment.
The fundraising comes as investors grow increasingly concerned about heavy spending on artificial intelligence. Those concerns have contributed to a recent selloff in global technology stocks. In addition, weaker market sentiment has delayed or derailed some data centre listings. Shares of Hong Kong-listed AI developers Z.AI and MiniMax have also fallen sharply from earlier peaks.
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Meanwhile, DeepSeek is moving closer to a possible public listing. Reuters reported in September that the company aimed to begin its initial public offering process this year. It had reportedly hired CITIC Securities to prepare for a potential listing on Shanghai’s STAR Market. The company released its DeepSeek-V4.1-Flash model last month, highlighting speed and performance improvements.
DeepSeek previously raised $7.4 billion in its first external funding round in June, according to Reuters. Chinese investor filings later suggested that round valued the company at 350.88 billion yuan, or about $52 billion. The latest investment would mark a substantial increase in fundraising and valuation expectations. However, the current deal remains subject to possible changes before completion.