DeepSeek raises about $15 billion, targets early-year Shanghai listing
The Chinese AI startup closed its second private round roughly double its original target, with CATL and Tencent returning as investors, per The Wall Street Journal.
DeepSeek raised about $15 billion in its second private funding round, roughly double the amount it had originally targeted, according to The Wall Street Journal. The Chinese AI startup is now aiming to list on the Shanghai stock exchange in early next year, earlier than previously planned.
The company's valuation stood at about $74 billion before the round closed. Battery maker CATL and tech company Tencent both invested again, while existing shareholders Monolith Management and a second shareholder also added funds.
The round ran from July to October and took longer than those of peers because the number of investors kept growing during negotiations, the report said.
DeepSeek has picked state-owned investment bank CITIC Securities as its listing advisor. In September it hired former venture capitalist Yan Wentao as chief financial officer.
Revenue claims and earlier models
Last year DeepSeek released cost-effective AI models that surprised US tech companies, after which more Chinese AI research and development firms challenged US AI dominance. In September, founder Liang Wenfeng told investors that annualized revenue had reached $1 billion.
Quick answers
How much did DeepSeek raise in its second funding round?
About $15 billion, roughly double its original target, according to The Wall Street Journal.
Where does DeepSeek plan to list?
DeepSeek is targeting a listing on the Shanghai stock exchange in early next year, earlier than planned.
Who invested in DeepSeek's latest round?
CATL and Tencent participated again, while existing shareholders Monolith Management and a second shareholder also added funds.