DeepSeek Raises $15 Billion With Tencent and CATL Among Top Backers

DeepSeek has raised about $15 billion in a funding round backed by Tencent and CATL, giving the Hangzhou-based AI company more capital to compete globally.

The raise ranks among China’s largest fundraisings. DeepSeek increased its fundraising target at least twice during talks with investors before reaching the final amount. Those steps show the goal expanded as discussions progressed, and the completed round totaled about $15 billion.

Tencent and CATL were among the round’s largest investors. The financing is intended to support DeepSeek’s effort to compete internationally with U.S. AI companies, including Anthropic and OpenAI.

The company is based in Hangzhou, China. The raise links a large Chinese financing round to an international objective: supporting DeepSeek’s competition with U.S. developers in global markets.