❯ DeepSeek’s second-round financing details emerge at a reported RMB105.5 billion

This week adds the amount and investor detailsAn October 30 IT Home account of The Information’s reporting puts DeepSeek’s second round at about RMB105.5 billion, at a reported RMB615.5 billion valuation, with nearly 30 investors. The original outlet had already reported completion on October 22. This week adds more precise amounts and investor details; these remain media disclosures without public company confirmation.

Model services require ongoing capitalDeepSeek develops large models, provides APIs to developers and enterprises, and releases open weights for external use. Its official pricing explanation bills model usage according to input and output tokens. Customers purchase task-processing capabilities, while training and live inference require upfront and recurring compute investment respectively. Wider use of open weights is distinct from revenue earned directly through the company’s API.

The expansion refers to an earlier targetThe report traces an approximately RMB51 billion first round in June and a second-round target that initially stood at roughly RMB50 billion before increasing to around RMB100 billion. The newly reported RMB105.5 billion is a more specific figure. A description of the round as having doubled therefore concerns the earlier target change; it does not establish a new financing this week that is twice the amount reported last week.

A broader range of industry investorsThe disclosed list includes Tencent, CATL, CXMT, SMIC, vivo, Meituan and Xiaohongshu, spanning chips, devices and internet applications. Investor participation does not itself establish procurement orders, exclusive model services or completed technical partnerships. The financing broadens available research and operating resources, while particular commercial arrangements require their own disclosures from the company and investors.

▮ SIGNALLarger model rounds are attracting a broader industrial investor base, while investment participation and subsequent commercial delivery remain separate developments.