DeepSeek Is Set to Raise More Than $12 Billion as Tencent and CATL Back Latest Round

DeepSeek is set to raise more than 80 billion yuan ($11.93 billion) in its latest funding round, with signed term sheets that could push the final tally toward 100 billion yuan ($15 billion), according to people familiar with the process. The financing would expand a round that began with a 50 billion yuan target and give the Chinese AI developer a larger war chest ahead of a potential domestic IPO.