DeepSeek set to raise over $12 billion in new funding round

DeepSeek is set to raise more than 80 billion yuan (over $12 billion) in its latest funding round, exceeding its original target, with major commitments from Tencent and CATL, ahead of a planned domestic IPO. The round builds on prior capital and follows performance gains from its recent models. This concentration of capital strengthens one of China's leading AI developers in the global competition for scale and compute resources.