DeepSeek Secures $15 Billion to Expand Data Centers and Open-Source AI Models

Chinese AI startup DeepSeek has closed a $15 billion funding round, more than doubling its initial target and signaling strong investor confidence in the company's ability to compete with leading US artificial intelligence labs. The Hangzhou-based firm, which announced the funding on October 22, 2026, raised approximately 100 billion yuan in a round led by battery manufacturer CATL and tech conglomerate Tencent. The company increased its financing target at least twice during the raise—from 50 billion to 80 billion to 100 billion yuan—reflecting surging investor appetite.