DeepSeek has closed a 105.5 billion yuan ($15.8 billion) second funding round at a valuation of approximately 615.5 billion yuan, drawing nearly 30 investors according to The Information. Tencent and CATL remain the largest backers, with Tencent contributing 10 billion yuan in each of the two rounds and CATL plus its chairman Zeng Yuqun investing 5 billion and 10 billion yuan respectively across both rounds. Industrial and state capital participation expanded significantly in this round. ChangXin Memory Technologies, SMIC, vivo, Meituan, Geely Automobile, Midea Group, Luxshare Precision, Trip.com, and Xiaohongshu joined as corporate investors, while the China National Artificial Intelligence Industry Investment Fund added another 1 billion yuan. State-owned institutions including China Mobile, China Telecom, CICC, CITIC Securities, and China Life invested between 2 billion and 8 billion yuan individually. Sources familiar with the deal said DeepSeek doubled its fundraising target midway through due to rising Nvidia high-end chip prices and concerns over an AI industry bubble. Bloomberg previously reported on October 22 that DeepSeek had completed a roughly 100 billion yuan round led by CATL and Tencent.