DeepSeek is reportedly set to raise more than 80 billion yuan (about $11.93 billion) in a new funding round, with Tencent and CATL among its largest contributors, Reuters reported on October 6, 2026. The report, citing people familiar with the matter, said the round was expected to wrap up in October; it was not confirmed closed.
What is reported about DeepSeek’s funding round?
Reuters said the expected raise exceeded DeepSeek’s original 50 billion yuan target. It attributed the more-than-80-billion-yuan figure to one person with knowledge of the matter. Reuters said Bloomberg was the initial source of the report and that it could not immediately verify Bloomberg’s account. Reuters’ October 6 report also said DeepSeek, Tencent and CATL had not immediately responded to requests for comment.
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Three figures with different levels of certainty
| Figure | What it describes | Status in the reporting |
|---|---|---|
| 50 billion yuan | DeepSeek’s reported original target for the current round | Reuters’ account; not a final amount |
| More than 80 billion yuan (about $11.93 billion) | Expected amount, converted by Reuters at $1 = 6.7045 yuan | Reuters attributed it to one person familiar with the matter |
| Up to 100 billion yuan | Possible final total | Bloomberg possibility reported by Reuters; not confirmed |
Are Tencent and CATL backing DeepSeek?
Reuters reported that Tencent and CATL had committed amounts among the largest in the round. The report did not give their exact allocations, so the size of either company’s commitment is not established. No on-record statement from a named representative of DeepSeek, Tencent or CATL appears in the cited coverage.
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Not according to the October 6 report: Reuters said two unnamed sources expected the financing to wrap up in October. That was a projected completion window, not confirmation that the transaction had closed. The final amount and investor allocations were not established in the report.
What is known about valuation and a possible IPO?
Reuters reported that the fundraising began in July with a target valuation of 500 billion yuan (about $74 billion). That was a reported target, not a confirmed final valuation for the round. Reuters also said the financing followed DeepSeek’s earlier external round of about $7.4 billion, according to its prior reporting. Reuters’ earlier account provides that context.
The funding has also been linked in Reuters coverage to preparation for a possible listing on Shanghai’s STAR Market. But Reuters said the IPO timing, valuation and fundraising size remained undecided. The reporting does not establish a scheduled IPO or a final listing plan. Reuters’ report on the possible STAR Market preparation describes it as a consideration, not a confirmed offering.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the financing is attracting attention
The reported scale would be a substantial increase over the original target, but the figures remain attributed reports rather than published transaction terms. Reuters also noted that DeepSeek recently partnered with Huawei on programming tools optimized for Huawei Ascend AI chips. DeepSeek described its DeepSeek-V4.1-Flash model as offering greater capability, faster inference, higher throughput and support for scaling to larger models; those are the company’s claims, not independently tested results. Reuters’ report on the Huawei partnership covers that announcement.
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