DeepSeek wrapping up $15 billion fundraising to fuel AI race

Business Recorder reported on Thursday that Chinese artificial-intelligence firm DeepSeek has attracted about 100 billion yuan, or $14.98 billion, from existing and new backers. That is roughly twice its original 50 billion yuan fundraising goal, though people familiar with the discussions said the final financial terms could still shift before the deal closes.

Battery maker CATL and Tencent, which operates WeChat, were named among the largest participants. The scale of the financing reflects investor interest as China seeks to strengthen its position in AI against the United States, and brings DeepSeek closer to a possible public listing. Reuters reported in September that DeepSeek had engaged CITIC Securities over a potential STAR Market IPO; last month, the firm unveiled its V4.1-Flash model.