DeepSeek Raises $15 Billion as China Doubles Down on AI Amid US Restrictions

Chinese AI startup DeepSeek secured $15 billion in funding just two days after the US ordered federal agencies to remove its technology, underscoring deepening US-China AI competition and investor confidence in open-source alternatives to American models. The round, announced October 22, values the Hangzhou-based company at $74 billion pre-money with backing from battery giant CATL, tech conglomerate Tencent, automaker Geely, appliance maker Midea, and over a dozen other Chinese industrial and financial investors. The funding, which nearly doubled from an initial 50 billion yuan target, represents one of China's largest private financing rounds and brings DeepSeek's 2026 capital raised to over $22 billion following a $7.4 billion round in June.