DeepSeek Raises $15 Billion from Tencent and CATL Ahead of IPO

(CATL), according to a Bloomberg report published on October 22, 2026.

The funding is expected to support DeepSeek’s investment in AI data centres and the development of open-source AI models as the company prepares for a potential initial public offering (IPO).

DeepSeek Increases Its Funding Target

According to people familiar with the matter cited by Bloomberg, DeepSeek initially targeted 50 billion yuan (about $7.49 billion) during investor discussions. The company later increased its target to 80 billion yuan (approximately $12 billion) before reaching a final reported amount of 100 billion yuan (around $15 billion).

The company has not publicly confirmed the reported funding round. Its intended stock exchange and IPO timeline also remain unclear.

DeepSeek’s Growth in the AI Market

DeepSeek gained international attention in 2025 after introducing low-cost AI models that challenged established US AI companies, including OpenAI and Anthropic. Its approach attracted interest in the cost of developing and deploying advanced AI systems.

With its reported fundraising and planned investment in computing infrastructure, DeepSeek is looking to strengthen its position in the competitive AI market.

Tencent, CATL and DeepSeek did not respond to Bloomberg’s requests for comment, according to the report.

About DeepSeek

DeepSeek is an AI company based in Hangzhou, China. It develops artificial intelligence models, including open-source models designed for a range of applications. The company gained global recognition in 2025 for its cost-efficient AI development approach.

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