DeepSeek Nears $7.4bn Raise at $59bn Valuation

Chinese AI firm DeepSeek is close to finalising a $7.4bn funding round led by Tencent and battery giant CATL, with backing from China's state-funded AI investment vehicle. The round values DeepSeek at between $52bn and $59bn, with founder Liang Wenfeng personally contributing $2.94bn. The raise comes amid a global AI funding surge, with Anthropic recently valued at $965bn after its latest private round and filing for an IPO, while OpenAI, valued at $852bn, also plans to go public. DeepSeek rose to prominence after its cost-efficient R1 model disrupted Silicon Valley last year.