China’s DeepSeek is nearing a funding round of at least $12 billion. The round is backed by Tencent and battery maker CATL, according to reports.

Demand could push the raise to around $15 billion. The financing follows the release of DeepSeek’s V4 Flash model. The model strengthened its competitiveness against OpenAI and Anthropic on cost. The company plans an IPO in early 2027.

Moonshot AI, the maker of the Kimi chatbot, completed its final private round at a $50 billion valuation. It targets a Hong Kong IPO in the first quarter of 2027 that could raise up to $5 billion. Its annual recurring revenue is expected to reach $2 billion by December, double the current level.

The US side is not quiet. OpenAI is seeking at least $30 billion at a $1.4 trillion valuation. Anthropic is eyeing an IPO in November at a potential valuation of around $2 trillion.

Investors keep pouring capital into the race for more powerful models. The contest between the US and China is now fought with multibillion-dollar rounds. Stock listings are the next battleground.