DeepSeek, a Hangzhou-based AI startup, has raised about 100 billion yuan (US$15 billion), in a funding round backed by Tencent Holdings Ltd and Contemporary Amperex Technology Co Ltd (CATL), a Chinese battery maker, according to people familiar with the matter.

The company is increasing spending on AI data centers and open-source models as it prepares for an initial public offering.  During investor talks, it raised its funding target at least twice, moving from 50 billion yuan (US$7.49 billion) to 80 billion yuan (US$12 billion) before reaching the final amount, the people said.

DeepSeek drew global attention in 2025 with low-cost AI models that challenged offerings from US rivals such as OpenAI and Anthropic. It was not clear where DeepSeek plans to list.

DeepSeek, Tencent, and CATL did not respond to requests for comment.

🔗 Source: Bloomberg

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