DeepSeek Nears 100B-Yuan (~$15B) Round at 500B-Yuan Pre-Money, Reports Say
DeepSeek is finalising a funding round of about 100 billion yuan (about $15 billion) at a pre-money valuation of about 500 billion yuan, according to Reuters, citing four people with knowledge of the matter, on October 22. Bloomberg first reported the round a day earlier. DeepSeek has not confirmed it and could not be reached for comment, Reuters said.
Who is reportedly in
Reuters' sources named chipmaker GigaDevice, Meituan and Geely, with existing shareholders CATL and Tencent among the biggest investors. Midea, NetEase, Boyu Capital, CPE, Legend Capital and IDG Capital also participated, and more than 15 investors took part, per Reuters. The total would be double DeepSeek's original 50 billion yuan target. One source told Reuters the fundraising was set to complete in the coming days but that the figures and investor lineup could still change.
Reconciling the numbers
The yuan figures are consistent across outlets: about 100 billion yuan raised at about 500 billion yuan pre-money. The dollar figures differ by exchange rate and timing. Reuters converts at 6.6749 yuan per dollar to $14.98 billion; TechCrunch, relaying Bloomberg, says about $15 billion. AI Weekly, citing The Information on October 30, says the round has closed at "nearly $16 billion" with a $74 billion pre-money valuation. Ultrathink could not independently confirm the closing or the $16 billion and $74 billion conversions, which imply a rate below 6.8 yuan per dollar. The Information also reported, per AI Weekly, that CATL added 10 billion yuan on top of an earlier 5 billion yuan; that detail is unconfirmed elsewhere.
The June round
DeepSeek raised $7.4 billion in its first external round in June, Reuters has reported. Filings by two Chinese investors in July implied a valuation of 350.88 billion yuan, about $52 billion, at that time, per Reuters. Valuation comparisons in dollars across the two rounds vary by source. Reuters reported in September that DeepSeek had hired CITIC Securities to prepare for a potential STAR Market listing.
Quick answers
- What happened with DeepSeek?
- DeepSeek is finalising a funding round of about 100 billion yuan (about $15 billion) at a pre-money valuation of about 500 billion yuan, according to Reuters, citing four people with knowledge of the matter, on October 22. Bloomberg first reported the round a day earlier. DeepSeek has not confirmed it and could not be reached for comment, Reuters said.
- What are the key numbers?
- The yuan figures are consistent across outlets: about 100 billion yuan raised at about 500 billion yuan pre-money. The dollar figures differ by exchange rate and timing. Reuters converts at 6.6749 yuan per dollar to $14.98 billion; TechCrunch, relaying Bloomberg, says about $15 billion. AI Weekly, citing The Information on October 30, says the round has closed at "nearly $16 billion" with a $74 billion pre-money valuation.
This article was ultrathought.
Sources
- Reuters via StreetInsider: DeepSeek wrapping up $15 billion fundraising to fuel AI race, sources say (Oct 22, 2026)
- TechCrunch: DeepSeek reportedly raises $15B days after US restrictions, citing Bloomberg (Oct 22, 2026)
- AI Weekly: DeepSeek Closes $16B Second Round at $74 Billion Pre-Money, citing The Information (Oct 30, 2026)
