Chinese AI startup DeepSeek is set to raise more than 80 billion yuan (US$11.93 billion), one source said.

The company develops large language models and is preparing for a domestic initial public offering. Two sources said the round is expected to close in October.

The fundraising began in July and targets a 500 billion yuan (US$74.6 billion) valuation. It follows DeepSeek’s roughly US$7.4 billion first external round in June.

The total could reportedly reach 100 billion yuan (US$14.9 billion), with Tencent Holdings and battery maker CATL among the biggest contributors.

DeepSeek hired CITIC Securities to prepare for a potential STAR Market initial public offering. The timing, valuation, and fundraising size remain undecided. The market had 32 unprofitable companies by June 2025 and has opened its doors to unprofitable AI and tech startups.

DeepSeek also partnered with Huawei Technologies on programming tools optimized for Ascend AI chips. Chinese companies have scrambled to secure Huawei AI chips after DeepSeek launched V4.

🔗 Source: Reuters

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