REPORTED: This is based on a report by the Chinese business magazine Caijing, citing several people involved in the deal. DeepSeek did not respond to Caijing, and none of the investors has confirmed it.
DeepSeek, the Chinese AI model maker, is close to finishing a new funding round of about 100 billion yuan, Caijing reported on 13 October 2026 [1].
That is double what was planned. People involved told Caijing the amount had risen “from the previously planned 50 billion yuan to about 100 billion yuan” (TSN translation) [1].
The key numbers
- About 100 billion yuan in this round, DeepSeek’s second. The planned amount “doubled in less than half a month”, Caijing says (TSN translation) [1].
- About half each from new and existing investors [1].
- Valuation unchanged. The bigger round has not moved the price: DeepSeek’s “pre-money valuation is still about 500 billion yuan” (TSN translation) [1]. Pre-money means the value of the company before the new cash goes in.
Who is reportedly investing
According to several independent sources quoted by Caijing, the new investors include Shixi Capital, SMIC Juyuan, CPE Yuanfeng, Legend Capital and the carmaker Geely. Caijing says they are mostly industrial investors, meaning companies in related industries rather than pure financial funds [1].
Investors from the first round are also taking part: CATL, Tencent, IDG Capital, Lishi Capital and Shixiang. Caijing says battery maker CATL plans to add about 10 billion yuan, after putting in about 5 billion yuan in the first round [1].
Caijing describes this as the latest list of investors in talks, so it could still change.
How we got here
According to Caijing [1]:
- DeepSeek opened its first round in April. It raised more than 50 billion yuan at a valuation of more than 350 billion yuan, and closed at the end of June.
- It started the new round straight away in July, with the pre-money valuation at about 500 billion yuan.
- Caijing has previously reported that DeepSeek is preparing to list on Shanghai’s STAR Market, with a filing as early as the end of 2026 and a listing targeted for 2027.
If this round completes, DeepSeek will have raised about 150 billion yuan in roughly half a year. Caijing calls that “the largest financing project in China’s primary market this year” (TSN translation) [1]. The primary market means private funding, before a company is listed on a stock exchange.
DeepSeek has also filled the job of chief financial officer. According to multiple media reports cited by Caijing, Yan Wentao, a former partner at Hillhouse’s venture arm, joined as CFO in late September [1]. TSN has not seen a statement from DeepSeek on this.
What this means
- Investors want in. The round reportedly doubled in size in under two weeks.
- But not at any price. The valuation did not rise with the bigger round. One person involved told Caijing that falls in the share prices of listed AI model companies may have cooled private-market enthusiasm (Caijing’s account) [1].
- An IPO looks closer. A finance chief and a fuller shareholder list fit Caijing’s earlier report that DeepSeek is preparing to list.
- Nothing is final. DeepSeek has not confirmed any of this.
Sources
- Caijing (Zou Lu), “DeepSeek将完成1000亿元融资” (“DeepSeek will complete 100 billion yuan financing”), 13 October 2026. https://www.mycaijing.com/article/detail/584924?source_id=40 (also http://yuanchuang.caijing.com.cn/2026/1013/5187424.shtml)
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