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DeepSeek’s funding story involves two separate rounds, not one joint investment by CATL and Tencent. Caixin reported that Tencent and CATL invested in the company’s first external round in June 2026. A later South China Morning Post report said CATL was among backers of another round then nearing completion; it did not confirm that round closed. A potential 2027 IPO has also been reported, but no filing or fixed listing date is established.
How much is DeepSeek raising?
South China Morning Post (SCMP) reported on 26 August 2026 that DeepSeek was seeking about 50 billion yuan (US$7.4 billion) in a later funding round. People familiar with the matter told SCMP that the round valued the company at about 500 billion yuan (US$74 billion) before the new investment. One source expected the deal to close before the end of August, but the report did not verify a closing or final terms. SCMP’s account of the later round
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That financing followed a separate round in June. Caixin Global reported that a regulatory disclosure by Anhui Korrun showed DeepSeek had raised about 50 billion yuan (US$7.4 billion) in its first external funding round, at a post-money valuation above 350 billion yuan. A post-money valuation includes the new investment; a pre-money valuation does not. The two reported valuations therefore are not directly comparable as a simple measure of growth. Caixin Global’s account of the June round
| Round | Status and amount | Reported valuation | Evidence |
|---|---|---|---|
| June 2026 first external round | Caixin reported about 50 billion yuan (US$7.4 billion) raised. | More than 350 billion yuan post-money. | Caixin attributed the figures to a regulatory disclosure by Anhui Korrun. |
| Later round reported in August 2026 | SCMP reported about 50 billion yuan sought; the report said closing was expected before the end of August, but did not confirm completion. | About 500 billion yuan (US$74 billion) pre-money. | SCMP attributed the figures to people familiar with the matter; terms and closing were not verified. |
Did CATL and Tencent invest in the same round?
They are both named in connection with DeepSeek funding, but the reports describe their involvement in different rounds. Caixin said Tencent and CATL invested in June’s first external round. It reported that Tencent contributed 10 billion yuan and CATL 5 billion yuan, while founder Liang Wenfeng contributed 20 billion yuan.
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For the later round reported in August, SCMP named CATL among DeepSeek’s existing investors. The SCMP account does not identify Tencent as a participant in that later round. It is therefore inaccurate to treat the available reporting as confirmation that CATL and Tencent jointly backed the same new financing.
Who else was reported in the later round?
SCMP named Monolith and Shixiang Capital alongside CATL as existing investors. It said CPE, Legend Capital and Stony Creek Capital were among new investors in talks, and also mentioned funds backed by GigaDevice and Hefei state investment vehicles. Those described as being in talks should not be treated as confirmed investors.
What was the June funding intended to support?
Caixin said the June financing would support employee equity incentives and retention, technical breakthroughs and expansion. The Information separately described the financing as routed through a limited partnership managed by CEO Liang Wenfeng and reported a five-year investor lockup. These details come from media reporting; the accessed sources do not provide audited financing terms. The Information’s report on the June financing
Is DeepSeek going public in 2027?
A possible 2027 IPO has been reported, but it is not an announced or scheduled listing. TechCrunch, citing Bloomberg, reported on 14 July 2026 that DeepSeek was preparing for a potential IPO in 2027 and might file as early as year-end. SCMP described a possible listing on Shanghai’s Star Market. The reporting does not establish an official filing, a fixed timetable or a completed listing. TechCrunch’s summary of the IPO report
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