DeepSeek to Raise at Least $12 Billion in Tencent-Backed Funding

Deals DeepSeek to Raise at Least $12 Billion in Tencent-Backed Funding DeepSeek is close to securing at least 80 billion yuan ($12 billion) in its latest round of funding, blowing past its own capital-raising target ahead of a landmark initial public offering in early 2027. Battery pioneer Contemporary Amperex Technology Co. Ltd. and WeChat-operator Tencent Holdings Ltd. have committed among the largest amounts in the current financing, which closes soon, people familiar with the matter said. DeepSeek initially sought about 50 billion yuan but interest outstripped expectations after the successful release of its latest AI model, the people said, asking not to be named as the details aren’t public. Based on term sheets signed, the final tally could approach 100 billion yuan, the people added.