DeepSeek has reportedly raised about $15 billion - roughly 100 billion yuan - just two days after the U.S. ordered federal civilian agencies to strip its AI technology from their systems over security concerns, according to Bloomberg. It would rank among China's largest funding rounds.

Potential investors include battery maker CATL and Tencent, the company behind WeChat, the report said. The Hangzhou-based startup is reportedly ramping up spending on AI infrastructure and open models for domestic and international markets despite U.S. restrictions, a push that could sharpen competition with domestic rivals.

The round follows DeepSeek's June raise of more than $7 billion at a $50 billion valuation. In July it reportedly sought another $1.5 billion at a valuation near $71 billion, with plans for a potential IPO in China as early as next year.

The reported raise reflects wider investor appetite for Chinese AI. Moonshot AI, developer of Kimi, secured $2 billion at a $20 billion valuation in May; Manus AI raised over $500 million this month; and Zhipu AI and MiniMax, both listed in Hong Kong in January, hold market capitalizations of roughly $29 billion and $7.2 billion.

DeepSeek was founded in 2023 by Liang Wenfeng, who previously co-founded quantitative hedge fund High-Flyer, which helped finance its early development. The startup drew global attention in early 2025 with a free, open-weight reasoning model. Liang retains an estimated 81.6% stake in its Chinese operating entity, per WireScreen data cited by TechCrunch. DeepSeek did not immediately respond to a request for comment.

Source: TechCrunch