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TL;DR
Several news organizations reported that DeepSeek raised about 100 billion yuan, or roughly $15 billion, in a second funding round; The Information put the total at 106 billion yuan and said the round had closed. DeepSeek has not publicly confirmed the financing, and reports differ on the investors and the role of state-backed institutions.
DeepSeek reportedly raised about 100 billion yuan, or roughly $15 billion, in a second funding round, according to Bloomberg, Reuters and The Wall Street Journal. The Information later reported a total of 106 billion yuan, about $15.9 billion, and said the round had closed; DeepSeek has not publicly confirmed the financing.
The reports describe a round roughly twice the original target, with a pre-money valuation of about 500 billion yuan, equivalent to around $74 billion. Bloomberg and Reuters identify battery maker CATL and Tencent among the largest investors. Reuters also names Midea, Meituan, Geely and chipmaker GigaDevice, as well as existing shareholders NetEase and IDG Capital, and investment firms Boyu Capital, CPE and Legend Capital. The reported investor count exceeds 15.
There is a small but meaningful difference in the reported total: Bloomberg, Reuters and The Wall Street Journal put it at about 100 billion yuan, while The Information reports 106 billion yuan. Reuters described the round as still wrapping up in its October 22 report; The Information said on October 23 that it had closed. These are media reports, not figures confirmed by DeepSeek or disclosed in a company announcement.
The Information’s October 30 report adds that the investors include “some of the country’s most powerful state-backed institutions.” Newsletter summaries of the report say the state chip fund, known as the Big Fund, led the round, but the source account says that detail could not be independently verified and that no second outlet had reported it. The precise investor list and any state fund’s role remain unconfirmed.
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 Bigger Valuation and Wider Investor Base
If the reported terms are accurate, the financing would mark a major change for a lab known for operating without outside investors. DeepSeek’s owner, the hedge fund High-Flyer, funded the company before its first reported external round in June. A second round of this size would give DeepSeek additional capital as it competes in the AI sector, while the reported valuation would put its private-market value far above the valuation implied by that earlier financing.
The reports also make the identity of the investors relevant beyond the headline sum. Private technology companies, financial investors and potentially state-backed institutions may have different interests in the company’s growth and strategic direction. But the available reports do not establish what influence any investor will have, and the claim that a state-linked fund led the round is not independently corroborated in the supplied reporting. The funding’s scale is therefore reported; its governance implications are not yet clear.
For customers, the fundraising itself does not appear to change how DeepSeek’s services work. The source account says its open model weights remain available under the permissive MIT licence and can be run on a customer’s own servers. It separately says DeepSeek’s app and API store data in China, and that a U.S. government order issued October 20 requires federal civilian agencies to remove DeepSeek products from their IT systems. Those are distinct issues: the reported financing does not, by itself, alter the licence or settle questions about service data handling.
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Two Rounds, Six Months Apart
The fundraising story developed over two rounds and is easy to confuse with an earlier report. In April, The Information reported that Tencent and Alibaba were in talks to invest at a valuation above $20 billion, before DeepSeek’s first external funding round. That April report does not establish that either company invested in the later rounds. The source account says Alibaba does not appear on the reported investor lists for either one.
The first round was reported in June at more than 50 billion yuan, or about $7.4 billion, with a valuation above $50 billion. Caixin later cited a stock-exchange filing by a small listed investor to report a post-money valuation above 350 billion yuan, around $52 billion. Reuters and Caixin reported that Tencent invested about 10 billion yuan, CATL about 5 billion yuan, and founder Liang Wenfeng about 20 billion yuan in that round.
The second-round reports followed in October. CNBC reported on October 6 that DeepSeek might double its target to 100 billion yuan. Bloomberg, Reuters and The Wall Street Journal reported the larger round on October 22, followed by The Information’s higher 106 billion yuan figure and account that it had closed. The supplied source also notes that the last reported company register showed Liang holding about 91% of registered capital, directly or through a partnership he controls, before any reported registration change for the October round.
““a who’s who of Chinese tech investors—and some of the country’s most powerful state-backed institutions.””
— The Information, as quoted in the supplied source account
The Deal’s Terms Remain Unverified
DeepSeek has not publicly confirmed the round, its final size, valuation or investor roster. The reports differ between 100 billion and 106 billion yuan and between a round still being completed and one already closed. The source material does not provide a company filing or announcement resolving those differences.
The reported involvement of state-backed institutions is also unsettled. The Information’s account mentions such institutions, but the more specific claim that the Big Fund led the financing and supplied 27% state capital is attributed in the source account to newsletter summaries of a paywalled report. It could not be verified there, and the source says no other outlet had reported it. No updated company registry entry showing ownership after the October financing is reported in the material.
Other important details are missing, including the final allocation among investors, any governance or board rights, and whether the reported annualized revenue figure has been independently audited. The October funding reports should not be treated as a confirmed company disclosure.
Watch for Company and Registry Disclosures
The next clear evidence would be a statement from DeepSeek or an updated corporate filing setting out the round’s completion, amount, valuation and investors. A new registry record could also show how the reported financing affects ownership, including whether Liang Wenfeng’s previously reported stake has changed. Until then, investor identities and ownership effects remain based on media accounts.
For users and organizations, the immediate practical step is to distinguish between the downloadable model weights and DeepSeek’s hosted app or API. The source account says the weights remain under the MIT licence, while its app and API store data in China. It also reports that a U.S. Department of Homeland Security order dated October 20 directs federal civilian agencies to remove DeepSeek products from their IT systems. The funding news does not itself change those reported conditions; any change would require separate company, regulatory or service updates.
Key Questions
Has DeepSeek confirmed the reported $15 billion raise?
No public confirmation is cited. Bloomberg, Reuters and The Wall Street Journal reported a round of about 100 billion yuan; The Information reported 106 billion yuan and said it had closed.
How much did DeepSeek reportedly raise?
Most of the cited outlets reported about 100 billion yuan, roughly $15 billion. The Information put the figure at 106 billion yuan, or about $15.9 billion.
Who reportedly invested?
Reports name CATL and Tencent among the largest investors. Reuters also lists companies and funds including Midea, Meituan, Geely, GigaDevice, NetEase, IDG Capital, Boyu Capital, CPE and Legend Capital. The final list has not been confirmed by DeepSeek.
Did state-backed institutions lead the round?
The Information reported that state-backed institutions were involved. A more specific claim that the Big Fund led the round is not independently corroborated in the supplied material, so it remains unverified.
Does the financing change how people can use DeepSeek?
No immediate product change is reported. The supplied source says the open model weights remain under the MIT licence, while the company’s app and API store data in China. It also reports a U.S. order requiring federal civilian agencies to remove DeepSeek products from their systems.
Source: ThorstenMeyerAI.com
