🔍 Read the full analysis: DeepSeek Made More With Less. Now It Has Reportedly Raised $16 Billion on ThorstenMeyerAI.com
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TL;DR
Several news organizations report that DeepSeek raised about 100 billion yuan, or roughly $15 billion, in a second outside funding round; The Information puts the amount at 106 billion yuan, about $15.9 billion. DeepSeek has not publicly confirmed the financing, and reports differ on the round’s exact size and which investors led it.
DeepSeek has reportedly closed a second outside funding round worth about 100 billion yuan, or roughly $15 billion, 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, and reports differ on its size and lead investors.
The reported financing would be a major change for the Hangzhou-based AI company, which had previously relied on its owner, hedge fund High-Flyer, to fund its work. The reported round is about twice the original target of 50 billion yuan, according to the chronology and coverage summarized by ThorstenMeyerAI.com. Bloomberg, Reuters and the Journal reported approximately 100 billion yuan. The Information’s higher figure is 106 billion yuan.
Reports put DeepSeek’s pre-money valuation at around 500 billion yuan. The amount raised and valuation remain reported figures, not numbers confirmed by DeepSeek. Reuters and Bloomberg identify battery maker CATL and internet company Tencent among the largest investors. Reuters also names Midea, Meituan, Geely, chipmaker GigaDevice, existing shareholders NetEase and IDG Capital, and several investment funds.
The Information’s account, as described in the source article, says the investor group includes powerful state-backed institutions. Newsletter summaries of its report say a state chip fund led the financing and that 27% of the capital was state-linked. The article’s author says that claim could not be independently verified and that no second outlet had reported it. The Wall Street Journal and The Information also reported that founder Liang Wenfeng told investors in September that DeepSeek was generating revenue at an annualized pace of $1 billion. That is an attributed statement, not an audited financial figure.
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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DeepSeek’s Funding Reshapes Its Position
If confirmed, a financing of this size would mark a sharp shift for a company known for building AI models while spending less than many U.S. competitors. DeepSeek would gain substantial outside capital as it competes for computing capacity, talent and continued model development. The reported valuation also signals that investors see significant potential in the business, though a valuation is not proof of future performance.
The investor reports carry a separate implication. If state-backed institutions did participate, their involvement could deepen questions about the relationship between Chinese technology companies and state capital. But the available accounts do not establish the exact extent of state participation, who led the round, or how much any individual investor contributed. Those details should not be treated as settled.
For users and businesses, the financing itself does not establish a change in DeepSeek’s products or data practices. ThorstenMeyerAI.com says the model weights remain under the permissive MIT licence and can be run on a company’s own servers, while DeepSeek’s app and API store data in China. The route a user chooses matters: self-hosted models and the company’s hosted services have different operational and data considerations. The source also reports that a U.S. government order dated October 20 directs federal civilian agencies to remove DeepSeek products from their systems.
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Two Funding Rounds Since June
The October reports follow a first outside funding round that closed in June. The Information reported that DeepSeek raised more than 50 billion yuan, about $7.4 billion, at a valuation above $50 billion. A stock-exchange filing later cited by Caixin was reported to imply a post-money valuation above 350 billion yuan, roughly $52 billion. These are earlier reported figures, distinct from the approximately 500 billion yuan pre-money valuation attached to the new round.
Early coverage can be confused with a separate report. On April 22, The Information said Tencent and Alibaba were in talks to invest at a valuation above $20 billion, before DeepSeek’s first outside round. The source article says Alibaba does not appear in investor lists for either completed round. It also reports that the June shareholder register showed founder Liang with about 91% of registered capital, directly or through a partnership he controls, and the National AI Industry Investment Fund with about 0.28%. No updated register for the October financing had been reported by October 30.
The reporting on the second round developed over several days. On October 22, Bloomberg, Reuters and the Journal reported a deal around 100 billion yuan; Reuters described it as nearing completion. The Information reported on October 23 that it had closed at 106 billion yuan. On October 30, The Information published details about the reported investors. These accounts provide a timeline, but DeepSeek has not issued a public confirmation.
Deal Size and Investors Remain Unconfirmed
DeepSeek has not publicly confirmed that it closed the financing. The reported amount is either about 100 billion yuan or 106 billion yuan, depending on the outlet. Reports also differ in what they establish about the investor group: CATL and Tencent appear among the largest investors in multiple accounts, while claims that a state chip fund led the round are described in the source material as unverified and not corroborated by another outlet.
The final ownership structure, individual investment amounts and any changes to the shareholder register were not available in the supplied reporting. Nor is the reported annualized revenue figure backed by audited accounts in the material provided. The company’s public response, if any, and any financing documents that could settle these points remain unknown.
Watch for Confirmation and Filings
The next concrete evidence would be a statement from DeepSeek, investor disclosures or updated company records showing the financing’s size, participants and ownership consequences. Any such filing could also clarify whether the reported pre-money valuation and state-linked investment claims are accurate.
Until then, readers and businesses should distinguish reported deal details from confirmed company disclosures. The reporting so far does not announce a change to DeepSeek’s model licence, app or API, or user-facing services. The October 20 U.S. government order described in the source material applies to federal civilian agency systems; its stated scope should not be confused with a general ban on private or commercial use.
Key Questions
How much did DeepSeek reportedly raise?
Bloomberg, Reuters and The Wall Street Journal reported about 100 billion yuan, roughly $15 billion. The Information reported 106 billion yuan, about $15.9 billion. DeepSeek has not confirmed the amount.
Who reportedly invested in the round?
Reports name CATL and Tencent among the largest investors. Reuters also lists companies including Midea, Meituan, Geely and GigaDevice, alongside funds and existing shareholders. Claims that a state chip fund led the round are not independently verified in the supplied material.
Did DeepSeek confirm the fundraising?
No public confirmation from DeepSeek is cited in the reporting available as of October 30, 2026. The financing details remain attributed to news organizations and their sources.
Does the reported round change how people can use DeepSeek?
No product change tied to the financing is reported. The source says model weights remain under the MIT licence and can be self-hosted, while DeepSeek’s own app and API store data in China. U.S. federal civilian agencies are separately directed to remove DeepSeek products from their systems, according to the source material.
Source: ThorstenMeyerAI.com
