China’s DeepSeek secures reported $15 billion funding round to challenge US AI firms

Chinese artificial intelligence startup DeepSeek bags about 100b yuan ($15b) in its latest funding round, setting it up to take on US’ top AI players, Bloomberg News reported on Thursday.

The round was backed by battery manufacturer Contemporary Amperex Technology Co. Ltd. (CATL) and tech conglomerate Tencent Holdings, according to people familiar with the matter cited by Bloomberg.

Reuters said the fundraising was in the last stages but added that final figures had yet to be locked down and could change. DeepSeek, Tencent and CATL did not immediately respond to requests for comment.

The round has apparently doubled the 50 billion yuan that DeepSeek originally planned to raise, reflecting investor interest as China seeks to compete with the United States in advanced AI development.

The extra funding would allow the Hangzhou startup to grow its computing infrastructure and develop AI models to take on US giants such as OpenAI and Anthropic.

DeepSeek attracted global attention in 2025 when its set of AI models went public and raised questions about the price of creating more powerful systems. The firm has continued to produce more affordable models and to grow its share of the AI market.

The fundraise also comes as DeepSeek readies itself for an anticipated China IPO. Reuters previously reported that the company has engaged CITIC Securities to help the company get ready for an IPO.