DeepSeek reportedly raises about 100 billion yuan, double its original target

Reuters sources say Hangzhou AI lab DeepSeek raised about 100 billion yuan ($14.98 billion) at a pre-money valuation near 500 billion yuan, led by GigaDevice, Meituan and Geely, with CATL and Tencent among the biggest investors. That is double the 50 billion yuan goal, showing how hard Chinese capital is backing a domestic model maker ahead of a possible STAR Market IPO.