Analysis
DeepSeek has raised about $15 billion, roughly 100 billion yuan, in its second major private funding round of 2026, Bloomberg reported October 22 and TechCrunch confirmed. The Hangzhou-based AI lab did not comment on the report. The raise lands two days after the US ordered federal civilian agencies to remove DeepSeek's technology from their systems over security concerns -- timing that suggests domestic investors are not pulling back even as Washington tightens restrictions.
What's changed since Pulse's prior coverage of DeepSeek's war chest: that story tracked a reported push to raise roughly $1.5 billion at about a $71 billion valuation in July 2026.
The new round announced this week is roughly ten times the size of that July ask.
“The new round announced this week is roughly ten times the size of that July ask.”
It follows an even earlier raise at a $50 billion valuation in June, and comes from a wider group of more than 15 investors -- CATL and Tencent are said to be the biggest backers, alongside existing shareholders Midea, Meituan, Geely, GigaDevice, Boyu Capital, CPE, Legend Capital and IDG Capital.
No lead investor or formal post-money valuation was disclosed, though people familiar with the deal put DeepSeek's value well above the $71 billion figure reported in July.
Founder Liang Wenfeng, who co-founded quant hedge fund High-Flyer and reportedly holds an 81.6% stake in the Chinese operating entity, is pushing ahead with plans to expand AI infrastructure spending and open-model releases for both domestic and international markets.
That strategy puts DeepSeek in direct competition with Moonshot AI, which raised $2 billion at a $20 billion valuation in May, and already-public rivals Zhipu AI and MiniMax.
What the raise doesn't resolve is DeepSeek's exposure to US policy. Agencies have now been told to strip its technology from government systems, and further restrictions on Chinese AI firms remain a live risk regardless of how much capital DeepSeek raises privately.