DeepSeek nears 80 billion yuan funding round, Tencent and CATL investing

DeepSeek is close to raising at least 80 billion yuan ($12 billion), up from an original target of about 50 billion yuan, according to Bloomberg citing people familiar with the matter. Tencent and battery maker CATL are among the largest investors in the round, which is expected to close soon. DeepSeek is planning an IPO in early 2027, though details could still change.