- The AI model developer is seeking about 100 billion yuan in its second funding round, with new and existing investors expected to contribute roughly equal amounts
- The fundraising comes as DeepSeek steps up preparations for a potential Shanghai-listed IPO as early as 2027
DeepSeek plans to raise about 100 billion yuan ($14.9 billion) in its latest funding round, double the amount previously planned, while keeping its pre-money valuation at roughly 500 billion yuan, Caijing magazine reported on October 13, citing people involved in the transaction.
The new fundraising plan and valuation contradict an earlier report that DeepSeek had raised about $7.5 billion at a valuation of roughly $75 billion.
The deal would mark the Chinese AI model developer’s second funding round. The planned amount rose from 50 billion yuan to about 100 billion yuan in less than two weeks, according to the report, without changing the overall valuation.
Industry investors take the lead
New and existing shareholders are expected to contribute roughly equal amounts, according to several people familiar with the transaction.
New investors reportedly include Stony Creek Capital, China Fortune-Tech Capital, CPE Fund, Legend Capital and Geely, with industrial investors making up much of the group.
Existing shareholders expected to participate again include CATL, Tencent, IDG Capital, Monolith and Shixiang Capital.
CATL plans to invest a further 10 billion yuan, compared with about 5 billion yuan from its investment group in the first round, the report said.
Founder Liang Wenfeng (梁文锋) is placing greater emphasis on investors that can help DeepSeek strengthen its industrial supply chain and commercial ecosystem, according to Caijing.
The prospective new investors bring links to semiconductors, manufacturing and automotive supply chains.
Stony Creek Capital was established by an investment team associated with memory-chip maker GigaDevice and focuses on integrated-circuit design and semiconductor materials.
China Fortune-Tech Capital is backed by China’s largest foundry SMIC, Legend Capital is an investment platform under Legend Holdings, and Geely is a major automaker.
First round raised 51 billion yuan
DeepSeek began its first external funding round in April 2026 and completed the transaction in late June, raising about 51 billion yuan at a post-money valuation close to 400 billion yuan, according to the report.
It was the largest single funding round in China’s AI foundation-model sector to date.
Liang personally contributed about 20 billion yuan, making him the largest single investor. Tencent invested about 10 billion yuan, while CATG’s investment group contributed roughly 5 billion yuan. NetEase, JD.com, Monolith and IDG Capital each invested about 3 billion yuan.
IPO preparations accelerate
DeepSeek is also accelerating preparations for a potential IPO on Shanghai’s STAR Market, according to Caijing.
The company began approaching investment banks in late August and has hired CITIC Securities as sponsor, with a possible filing by the end of 2026 and a listing target in 2027, the magazine previously reported.
Since late September, the sponsor has reportedly been helping DeepSeek review investor structures. Investors have been asked to convert certain special-purpose funds into blind-pool funds registered under the relevant rules.
The change could allow each qualifying fund to count as a single shareholder for IPO purposes, helping DeepSeek stay within the 200-shareholder limit without looking through to the funds’ underlying limited partners.
Yan Wentao (严文韬), a former partner at GL Ventures, joined DeepSeek as chief financial officer in late September, adding to the company’s preparations for a potential public listing.
Header image generated by Tencent’s Yuanbao AI
