Physix FrontierPhysix Frontier · News Briefing Card (CNBC Tech · Oct 6, 2026)
DeepSeek Weighs Doubling Funding Round to Up to $15B
KEY FACTS
- DeepSeek is considering doubling its current funding target from 50 billion yuan to as much as 100 billion yuan.
- The round has drawn fierce competition for allocations from state-owned funds, listed companies' investment arms, and venture capital firms.
- DeepSeek is screening investors strictly and turning down private funds backed by individual investors.
- Tencent and CATL are among the largest backers, with CATL, Geely, and others having already committed capital.
- DeepSeek is seeking a valuation of about 500 billion yuan and plans to launch an IPO in early 2027.
KEY DATA
100 billion yuanFunding Target Ceiling
50 billion yuanOriginal Funding Target
About 500 billion yuanTarget Valuation
About 50 billion yuanJune First-Round Raise
PHYSIX OBSERVATION
By doubling its funding target and hand-picking state and industrial capital, DeepSeek is signaling that what it wants is not just money but industrial resources that can stay in the race for the long haul. Rejecting individual LPs and bringing CATL and Tencent on board is about locking in a stable shareholder structure ahead of its 2027 IPO. For the industry, leading large-model companies are accelerating their capitalization, and the funding window for smaller players will narrow further.
Source: CNBC Tech report