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TL;DR
Several news organizations report DeepSeek has raised about 100 billion yuan, or roughly $15 billion, in a second outside funding round. DeepSeek has not publicly confirmed the raise; reports differ on its exact size and who led it, including claims about state-backed investors.
DeepSeek reportedly raised about 100 billion yuan, or roughly $15 billion, in a second outside funding round, according to reports published this month. The Chinese AI company has not publicly confirmed the deal, and accounts differ on whether the round raised 100 billion or 106 billion yuan and on which investors led it.
Bloomberg, Reuters and The Wall Street Journal reported on October 22 that DeepSeek had raised about 100 billion yuan. Reuters, citing four people, said the round was wrapping up, while The Information reported on October 23 that it had closed at 106 billion yuan, citing three people. On October 30, The Information added that the investors included Chinese technology firms and state-backed institutions.
The reports generally put DeepSeek’s pre-money valuation at about 500 billion yuan. They name battery maker CATL and Tencent among the largest investors. Reuters also listed Midea, Meituan, Geely and chipmaker GigaDevice, as well as existing shareholders NetEase and IDG Capital and investment firms Boyu Capital, CPE and Legend Capital. These details remain media reports, not figures confirmed by DeepSeek.
The company’s fundraising history has moved quickly. DeepSeek closed its first outside round in June, reported at more than 50 billion yuan, or about $7.4 billion, at a valuation above $50 billion. A July report based on an investor filing put its post-money valuation above 350 billion yuan. No registry change for the reported October round has been reported in the source material.
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.
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A Major Test of DeepSeek’s Funding Model
The reported round marks a sharp change for a lab known for building AI models with support from its owner, the hedge fund High-Flyer, rather than relying on outside capital. A funding package of this size could give DeepSeek more resources to develop models, expand computing capacity and compete with better-funded AI companies. Those are possible uses of the money, not confirmed plans disclosed by DeepSeek.
The raise also draws attention to who will influence the company as it grows. A reported valuation around 500 billion yuan would place a substantial price on the business, while participation by state-backed institutions—if accurately reported—would raise further questions about its ownership and sources of capital. The available reporting does not establish the final investor shares or governance arrangements.
For users and businesses, the funding news does not itself change how DeepSeek products work. The distinction between the company’s services and its downloadable model weights remains relevant: open model weights can be run on a user’s own servers, while using DeepSeek’s app or API involves the company’s service and its stated data practices. U.S. federal civilian agencies have separately been ordered to remove DeepSeek products from their systems.
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Two Rounds, Six Months Apart
DeepSeek, based in Hangzhou and founded by Liang Wenfeng, drew attention for AI models presented as competitive with leading systems while using fewer resources. The source account describes High-Flyer as the company’s owner and financial backer before the outside fundraising began.
Before the first round, The Information reported in April that Tencent and Alibaba were in talks to invest at a valuation above $20 billion. That was an earlier report, not confirmation of either company’s participation in the later rounds. The June funding was followed by a July valuation estimate based on a filing by a small listed investor. The source says that filing showed the National AI Industry Investment Fund held about 0.28% after the June round, and that Liang held about 91% of registered capital, directly or through a partnership he controls. Those figures describe the last reported register, not the ownership after the alleged October deal.
Reports about the second round emerged after earlier coverage said fundraising had paused and then resumed at a larger target. On October 20, the U.S. Department of Homeland Security published an order requiring federal civilian agencies to remove DeepSeek products from their IT systems. That government action is separate from the financing reports and does not establish any finding about the new investors.
The Round’s Size and Ownership
DeepSeek has not publicly commented on the reported financing, according to the source material. The amount is variously reported as 100 billion yuan or 106 billion yuan, and the reports differ on whether the deal was still wrapping up or had closed when they were published.
The claim that China’s state chip fund, known as the Big Fund, led the round and supplied 27% state capital appears in newsletter summaries of The Information’s paywalled reporting, according to the source. The source author says they could not verify that account and found no second outlet reporting it. It should not be treated as established. The named investor lists also do not resolve who led the round or how much each participant invested.
It is also unclear how the reported funding would change the company’s ownership. Liang’s roughly 91% stake and the state-linked fund’s reported 0.28% stake refer to the register after the June round; no updated ownership register for the October raise is identified in the source. The reported $1 billion annualized revenue figure is an investor statement, not an audited result.
Awaiting Company and Filing Details
The next firm evidence would be a statement from DeepSeek or updated corporate filings confirming the round’s close, final amount, valuation and investors. Until then, the difference between 100 billion and 106 billion yuan, and the reported role of state-backed institutions, remains unresolved in the available material.
Companies using DeepSeek should distinguish between self-hosted model weights and the company’s app or API, which involve different operating and data arrangements. The source reports that the weights are offered under a permissive MIT licence and can 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 the October removal order; the source does not describe a comparable restriction for other users.
For investors and readers tracking the company, a new ownership register or further reporting could clarify whether the October round changed Liang’s control and how much capital came from corporate versus state-linked participants. No such update is confirmed here.
Key Questions
Did DeepSeek confirm the reported $15 billion raise?
No public confirmation is reported. The amount and closing status come from media reports, which DeepSeek has not publicly addressed according to the source material.
How much did the round raise?
Bloomberg, Reuters and The Wall Street Journal reported about 100 billion yuan. The Information reported 106 billion yuan, or about $15.9 billion. The final amount is unconfirmed.
Who invested in the round?
Reports name CATL and Tencent among the largest investors, alongside several other companies and investment firms. The Information also reported participation by state-backed institutions. The full investor list and each investor’s share have not been confirmed by DeepSeek.
Does the raise change how people can use DeepSeek?
The reported financing does not itself change product access. The source says DeepSeek’s model weights are available under a permissive MIT licence for self-hosting, while its app and API store data in China. U.S. federal civilian agencies have been ordered to remove DeepSeek products from their systems.
What remains unknown about DeepSeek’s ownership?
The latest ownership figures cited in the source are from after the June round, including a reported 91% stake held by Liang Wenfeng and a 0.28% stake held by a state-linked fund. No updated register for the reported October round is identified.
Source: ThorstenMeyerAI.com
