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# DeepSeek reportedly nears close of second funding round of up to 100 billion yuan
- URL: https://theainewsfiles.com/deepseek-second-funding-round-reported-100-billion-yuan/
- Published: 2026-10-19T06:44:20.000Z
- Updated: 2026-10-19T06:44:20.000Z
- Description: Reuters, CNBC and TNW report that DeepSeek is close to closing a second outside funding round, with figures running from 80 billion to 100 billion yuan and Tencent and CATL among the backers.
- Author: J E Cowie
- Tags: News

DeepSeek began taking outside capital for the first time this year, and reports in October say its second outside round is close to done and larger than first planned.

## The reported figures

On 6 October, Reuters, citing a Bloomberg News report that relied on people familiar with the matter, said DeepSeek was close to securing at least 80 billion yuan ($11.93 billion) in its latest round. Reuters said it could not immediately verify the report.

CNBC reported the same day, citing two people who asked not to be named, that DeepSeek was considering expanding the round to as much as 100 billion yuan ($14.9 billion). That would be double the 50 billion yuan target the company initially set. The people told CNBC the process remained fluid and the amount could still change before talks conclude.

## Who is reported to be in

The Bloomberg report relayed by Reuters said CATL (Contemporary Amperex Technology) and Tencent Holdings had committed among the largest amounts. TNW described CATL as a maker of batteries for electric cars that is working on solid-state batteries. It said Tencent runs the WeChat messaging app and a large cloud business.

According to TNW, those two were also in the first round. In that round, DeepSeek founder Liang Wenfeng put in about 20 billion yuan of his own money, Tencent about 10 billion yuan and CATL about 5 billion yuan, alongside JD.com, NetEase and China's national AI investment fund.

CNBC's sources said state-backed funds, investment arms of listed Chinese companies and venture capital firms had shown strong interest. They said DeepSeek was vetting prospective investors closely, turning away private funds raised from individuals and limiting the pool largely to government and corporate funds. One of the people told CNBC that CATL, Geely Auto, Monolith Management and Loyal Valley Capital had committed capital in the round.

A 13 October article carried by 36Kr, citing a Caijing report, gives a different list. It says the round would be jointly led by Tencent and CATL, with new and existing shareholders each planning to invest roughly half the total. It names the new investors as Stony Creek Capital, CPE Yuanfeng, Legend Capital and Geely, among others, and describes them as dominated by industrial investors. It says the first-round investors include CATL, Tencent, IDG Capital, Lisi Capital and Shixiang Capital.

The article also says CATL plans to add about 10 billion yuan on top of the roughly 5 billion yuan it put into the first round. That would bring its total to about 15 billion yuan, which 36Kr says may make it the largest external investor, though still less than Liang's personal 20 billion yuan contribution to the first round.

The two accounts overlap but do not match name for name. Both include CATL and Geely. Where 36Kr's English text lists 'Lisi Capital' among the first-round investors, BigGo Finance's summary of the same Caijing report lists Monolith Capital, and CNBC's source named Monolith Management. But CNBC's list includes Loyal Valley Capital, which 36Kr's does not, while 36Kr's names Stony Creek Capital, CPE Yuanfeng and Legend Capital, which CNBC's does not. They are also dated a week apart.

## Valuation, and a round that ran late

CNBC's sources said DeepSeek is seeking a valuation of about 500 billion yuan ($75 billion). The 36Kr article, citing Caijing, gives a pre-money valuation of about 500 billion yuan and says the planned financing amount doubled in just half a month while the valuation stayed the same.

For comparison, CNBC reports that the first external round closed in June and raised about 50 billion yuan. An investor filing related to that round implied a valuation of roughly 350 billion yuan. TNW gives the first round's valuation as $52 billion to $59 billion.

The second round has run late. CNBC reports it was initially expected to close by the end of August. One of its sources said it had taken longer than planned as some prospective investors waver over the price, though talks were nearing the end.

On 25 July, Reuters, citing Bloomberg News, reported that DeepSeek had told prospective investors in its second round that it was suspending the deal for now. CNBC says talks were briefly suspended after Liang reportedly said in a private investor meeting that Chinese AI companies still lagged far behind their US counterparts and relied heavily on Nvidia chips. CNBC also says Liang told investors at a private meeting in July that he prioritises pushing the technology toward artificial general intelligence over maximising profit.

## The IPO track

Both CNBC and TNW say Reuters reported in September that DeepSeek had tapped CITIC Securities to prepare for a possible IPO on Shanghai's STAR Market. TNW, summarising that report, says the timing, valuation and scale of the listing had not yet been determined.

CNBC, relaying the 6 October Bloomberg report, says DeepSeek is eyeing an IPO in early 2027\. The 36Kr article's timeline of the company's year, citing Caijing, says DeepSeek plans to submit its application before the end of the year, with the goal of listing in 2027.

## What is reported, and what is confirmed

As of 6 October, TNW said DeepSeek had not announced the round. CNBC said DeepSeek, CATL, Geely Auto, Monolith Management and Loyal Valley Capital did not respond to its requests for comment, and Reuters said it could not immediately verify the report it relayed.

The latest accounts, 36Kr's 13 October article and BigGo Finance summaries of the same Caijing report, describe the round as about to complete or expected to close. That leaves every figure for the second round as reported, not announced and not closed. The range from 80 billion to 100 billion yuan reflects both differing reports and a figure still in flux: Bloomberg, as relayed by TNW, said at least 80 billion yuan and that the final total could approach 100 billion.

## Sources

BigGo Finance (2026) 'DeepSeek's Second Funding Round Doubles to 100 Billion Yuan; Pre-Money Valuation Stays at 500 Billion Yuan', BigGo Finance, 14 October 2026, available at: [https://finance.biggo.com/news/f3a92d79-e0e0-4d61-85fd-820eeed48666](https://finance.biggo.com/news/f3a92d79-e0e0-4d61-85fd-820eeed48666?ref=theainewsfiles.com) (Accessed: 19 October 2026).

BigGo Finance (2026) 'Industrial capital floods into DeepSeek, funding round doubles to ¥2.4 trillion as CATL adds ¥240 billion investment', BigGo Finance, 17 October 2026, available at: [https://finance.biggo.com/news/61ef2cfc-1aae-4fde-9d7a-af01c9a98b9a](https://finance.biggo.com/news/61ef2cfc-1aae-4fde-9d7a-af01c9a98b9a?ref=theainewsfiles.com) (Accessed: 19 October 2026).

Chezhi (2026) 'Breaking: DeepSeek is set to complete its second round of financing totaling 100 billion yuan.', 36Kr (republished from the WeChat account Chezhi; author: Michael Yuan), 13 October 2026, available at: [https://eu.36kr.com/en/p/4024052021776517](https://eu.36kr.com/en/p/4024052021776517?ref=theainewsfiles.com) (Accessed: 19 October 2026).

CNBC (2026) 'DeepSeek considers doubling latest funding round to up to $15 billion, sources say', CNBC, 6 October 2026, available at: [https://www.cnbc.com/2026/10/06/deepseek-funding-round.html](https://www.cnbc.com/2026/10/06/deepseek-funding-round.html?ref=theainewsfiles.com) (Accessed: 19 October 2026).

Reuters (2026) 'DeepSeek tells prospective investors of funding pause, Bloomberg News reports', Reuters, 25 July 2026 (read on WTVB), available at: [https://www.reuters.com/world/china/deepseek-tells-prospective-investors-funding-pause-bloomberg-news-reports-2026-07-25/](https://www.reuters.com/world/china/deepseek-tells-prospective-investors-funding-pause-bloomberg-news-reports-2026-07-25/?ref=theainewsfiles.com) (Accessed: 19 October 2026).

Reuters (2026) 'DeepSeek to raise at least $12 billion in Tencent-backed funding, Bloomberg News reports', Reuters, 6 October 2026 (read on The Star), available at: [https://www.reuters.com/world/asia-pacific/deepseek-raise-least-12-billion-tencent-backed-funding-bloomberg-news-reports-2026-10-06/](https://www.reuters.com/world/asia-pacific/deepseek-raise-least-12-billion-tencent-backed-funding-bloomberg-news-reports-2026-10-06/?ref=theainewsfiles.com) (Accessed: 19 October 2026).

TNW (2026) 'DeepSeek reportedly nears $12bn funding round backed by Tencent and CATL', TNW, 6 October 2026, available at: [https://thenextweb.com/news/deepseek-12bn-funding-round-tencent-catl](https://thenextweb.com/news/deepseek-12bn-funding-round-tencent-catl?ref=theainewsfiles.com) (Accessed: 19 October 2026).

## Picture credits

- Top picture: File photo of Shanghai, where the STAR Market is based. It is an illustration and does not show any DeepSeek event. Image: Shanghai Lujiazui night skyline, 2017 — Larry Qian ([CC0](https://creativecommons.org/publicdomain/zero/1.0/?ref=theainewsfiles.com)) ([source](https://commons.wikimedia.org/wiki/File:Shanghai%5FLujiazui%5Fnight%5Fskyline%5F2017%5F-%5FFlickr.jpg?ref=theainewsfiles.com))