DeepSeek Raises $15.8 Billion in Second Round at $86 Billion Valuation

DeepSeek's second funding round raised about $15.8 billion at a valuation near $86 billion, with nearly 30 investors involved. The financing underscores the scale of capital flowing into China's AI sector.

Tencent Holdings and CATL remained among the round's biggest backers. CATL Chairman Zeng Yuqun also participated in the financings. Tencent invested the same amount in each of DeepSeek's two rounds.

The investor group included companies across technology and industry, including SMIC, vivo, Meituan, Geely, Midea Group, Luxshare, Ctrip and Xiaohongshu. Participants also included memory and semiconductor businesses, smartphone makers, automakers, manufacturers, travel firms and consumer platforms.

State-linked participation increased in the second round. The National AI Industry Investment Fund invested the same amount as in the first round. China Mobile, China Telecom, CICC, CITIC Securities and China Life also joined, alongside other state-linked and financial institutions. The roster paired private-sector industrial investors with telecom operators, securities firms and insurers.