DeepSeek reportedly closing ~$12B round with Tencent and CATL, eyeing Hong Kong IPO

Multiple posts on X report that Chinese AI lab DeepSeek is closing a massive new funding round, with Tencent and CATL among the expected backers. The reports, which have not been independently confirmed, describe the round as roughly $12 billion, with one account saying it could reach RMB 100 billion (about $12-15 billion). The same posts say DeepSeek is preparing for an initial public offering, though details differ: one post mentions a Hong Kong IPO in Q1 2027, while another says a domestic IPO is possible and cites a target valuation of around RMB 500 billion (~$74 billion). The reports come from social media accounts and should be treated as unverified. The open-weights lab, known for its low-cost AI models, would gain significant capital if the reports are accurate, potentially intensifying competition in the AI sector.