DeepSeek eyes $15B round as Tencent-led raise swells

DeepSeek is negotiating to nearly double its latest funding round to as much as $14.9 billion, sources told CNBC, a figure that would eclipse its previously reported $12 billion target. Tencent and battery maker CATL remain the lead backers, according to Bloomberg’s October 6 report, which first outlined the 80 billion yuan ($12 billion) raise.

If finalized, the upsized round would mark one of the largest AI funding events of the year, potentially outpacing recent raises like Harvey AI’s $550 million round or Modal Labs’ reported $750 million round. The scale of the raise suggests a valuation that could place DeepSeek among the most highly capitalized AI startups globally, though no official figure has been disclosed.

The move reflects China’s push to accelerate its AI ambitions. DeepSeek’s models, including its V4-Flash and V4-Pro offerings, are priced competitively, positioning the company as a cost-effective alternative in the AI space.

Negotiations are ongoing, and the final amount could still shift. What’s clear is the signal this sends: China’s AI sector is moving aggressively to secure capital, whether to fuel innovation or stake a claim in the global AI race. The outcome will test whether funding alone can bridge the gap—or if execution will determine who leads.

Sources: msn.com