DeepSeek reportedly raises about $15 billion as CATL and Tencent lead one of China's largest AI rounds

Bloomberg reported on 22 October 2026 that DeepSeek raised about 100 billion yuan, roughly $15 billion. Bloomberg reported on 22 October 2026 that Hangzhou-based DeepSeek has reportedly raised about 100 billion yuan, roughly $15 billion, with CATL and Tencent among the largest investors [1][2]. DeepSeek, CATL and Tencent could not be reached for comment, and Reuters says the figures could still change [1].

How large is the round, and who is in it?

Reuters says the round is wrapping up near 100 billion yuan, or $14.98 billion, and could still change. Reuters, citing two people with knowledge of the matter, says the round is wrapping up at about 100 billion yuan, or $14.98 billion, from existing and new investors, and should finish in the coming days [1]. Financial details are not ironclad and could still change [1]. Bloomberg first reported the raise on Thursday, citing people familiar, at about 100 billion yuan, or about $15 billion [2].

Why did the target climb twice?

The Hangzhou company raised its target at least twice, from 50 billion yuan to 80 billion yuan and then to about 100 billion yuan, Bloomberg reported [2]. Reuters describes the latest figure as double the original 50 billion yuan target [1].

What is the money sitting next to?

CATL and Tencent were among the biggest investors, and DeepSeek has not confirmed the round. Contemporary Amperex Technology, the battery maker known as CATL, and Tencent Holdings, which operates WeChat, were among the biggest investors [1][2]. Bloomberg says DeepSeek has increased spending on data centres and open-source models as it prepares for a potential IPO [2].

Reuters reported in September that DeepSeek hired CITIC Securities to prepare for a potential listing on Shanghai's STAR Market [1]. Last month the company released DeepSeek-V4.1-Flash, designed for greater capability, faster inference and higher throughput [1]. That update and the search API are at trends/deepseek-updates-v4-1-flash-and-opens-search-api and trends/deepseek-search-api-undercuts-brave-exa-perplexity-on-price.

DeepSeek has also open-sourced its production inference engine, at science/deepseek-open-sources-deepinfer-its-production-inference-engine. A separate order to remove DeepSeek from US federal civilian IT is at drama/dhs-orders-deepseek-removed-from-federal-civilian-it.

How does that compare with OpenAI and Anthropic?

Bloomberg notes that OpenAI and Anthropic have each raised more than $100 billion, so DeepSeek still has considerably less financial firepower [2]. That comparison is about capital raised. Neither report states a valuation for DeepSeek.

Our read

Opinion: If the round closes near the figure both wires describe, it would sit beside the data-centre and open-source spending Bloomberg already reports, and beside the STAR Market work Reuters described in September. Until DeepSeek, CATL or Tencent says so, the number is still what people familiar told the wires, and the terms can still move.

What we could not verify

• Any confirmation from DeepSeek, CATL or Tencent. Reuters said all three could not be reached.
• Whether the round has closed. Reuters says it should finish in the coming days and that the terms can still change.
• A ranking that would make this one of China's largest AI rounds. The reports give the size, not a league table.
• A valuation for DeepSeek. Neither report states one.
• How much of the round came from CATL, from Tencent, or from other existing and new investors.