DeepSeek raises $15 billion days after US ban order

The timing is the story. The reported $15 billion round landed just two days after Washington ordered federal civilian agencies to strip DeepSeek's technology from their systems over security concerns — a juxtaposition that shows US restrictions have not cut the company off from Chinese capital. Bloomberg's reporting names CATL, the battery maker, and Tencent, the company behind WeChat, among potential investors, suggesting the money is coming from established Chinese industrial and internet players rather than only financial backers.

The round also extends a pattern. DeepSeek raised more than $7 billion in June at a $50 billion valuation, and in July was reportedly seeking an additional $1.5 billion at a valuation of around $71 billion, with plans for a potential IPO in China as early as next year. Founder Liang Wenfeng, who previously co-founded the hedge fund High-Flyer, still retains an estimated 81.6% stake in the Chinese operating entity, per corporate ownership data analyzed by WireScreen.

DeepSeek says the money goes toward AI infrastructure and open models for domestic and international markets, even as it faces US restrictions — spending that the report says could further intensify competition among domestic rivals. It is part of a broader wave: Moonshot AI secured $2 billion at a $20 billion valuation in May, Manus AI raised more than $500 million earlier this month, and Zhipu AI (Z.ai) and MiniMax, both listed in Hong Kong in January, carry market capitalizations of roughly $29 billion and $7.2 billion respectively.