DeepSeek reportedly raises $15 billion as US discloses federal restrictions

DeepSeek reportedly secured roughly 100 billion yuan, equivalent to $15 billion, in new financing. The Chinese AI developer has not publicly confirmed the transaction. Tencent and battery manufacturer CATL are said to have supplied some of the largest investments.

The Hangzhou company reportedly increased its fundraising goal twice during negotiations. Its initial target was 50 billion yuan, followed by 80 billion yuan before the reported total reached 100 billion yuan. Those figures and the investors' participation remain unconfirmed by the companies.

The funding news follows publication of US restrictions on DeepSeek technology. An October 20 notice from the Department of Homeland Security bars civilian federal agencies from buying covered products and requires their removal from government systems. The directive also covers third-party offerings built using DeepSeek technology, extending its reach beyond the company's own applications.

DeepSeek is also reportedly preparing to go public while expanding its computing infrastructure and model development. A public listing remains an unconfirmed next step, and the reported fundraising does not establish a listing date.