AI company DeepSeek is nearing completion of a new funding round expected to reach at least 80 billion yuan ($12 billion), significantly exceeding its initial 50 billion yuan target. Tencent Holdings and Contemporary Amperex Technology Co. Limited (CATL) have committed substantial investments to the round, which could approach 100 billion yuan as investor interest surges following the release of the company's latest AI models. The expanded capital raise will fund computing infrastructure expansion, AI model development, and team growth as DeepSeek prepares for a planned initial public offering in early 2027. The company has gained global recognition for its low-cost, high-performance AI models and is accelerating investment in next-generation AI technologies and computational resources to support its pre-IPO development strategy.