The Chinese AI developer is raising about 100 billion yuan after lifting its target at least twice, according to the reports. Its largest named backers are corporations, not funds. The round comes days after U.S. federal agencies were told to remove its technology.
DeepSeek is raising about 100 billion yuan, or about $15 billion, with battery maker CATL and internet group Tencent among the largest investors, Bloomberg and Reuters reported, citing people familiar with the matter. Bloomberg said DeepSeek has raised the money; Reuters said the round is being finalized.
The Chinese artificial intelligence developer lifted its fundraising target at least twice, first from 50 billion yuan and then from 80 billion yuan, the people said. The round is being finalized and is expected to close in the coming days, and its terms could still change. The company has not commented publicly.
No valuation has been disclosed. The round may precede an initial public offering, according to the people.
Who is writing the checks
The investor base is the story. The largest named investors are large Chinese corporations, a battery maker and an internet group. The rest of the investor list has not been disclosed.
If that mix holds, it suggests a leading Chinese AI developer can draw on corporate balance sheets at a scale usually associated with venture and sovereign funds.
The policy backdrop
The timing is pointed. Two days earlier, the U.S. ordered federal civilian agencies to remove DeepSeek technology. That raises the cost of DeepSeek's access to Western markets and customers, and makes domestic strategic backers more natural partners.
Why investors outside China should care
If DeepSeek discloses a valuation, it would set a domestic mark for Chinese AI developers and a reference point for private investors valuing the sector. A listing would also give public-market investors direct exposure to the company.
The raise also adds capital to a competitor of the leading U.S. labs at a time when Washington is moving to restrict its technology.
What to watch
The close of the round, any disclosed valuation, the full investor list, whether any state-linked investors participate, and the venue and timing of any listing.