Chinese AI startup DeepSeek is close to securing at least 80 billion yuan ($11.93 billion) in its latest funding round, Bloomberg News reported on Tuesday.

Battery maker CATL and Tencent Holdings have committed among the largest amounts in the round, the report said, citing people familiar with the matter. Reuters said it could not immediately verify the report.

DeepSeek initially sought about 50 billion yuan, but investor demand exceeded expectations after the launch of its latest AI model. The final tally could approach 100 billion yuan.

Last month the company released its latest model, DeepSeek-V4.1-Flash, designed for faster inference and higher throughput. DeepSeek has also partnered with Huawei to develop programming tools for Huawei’s Ascend AI chips, part of China’s push to reduce reliance on Nvidia.

DeepSeek has hired CITIC Securities to prepare for a potential STAR Market listing, though timing and valuation remain undecided. The company has not publicly confirmed the funding round.

The oversubscribed round would rank among the largest AI financings of 2026. It follows DeepSeek’s rapid rise as China’s most-watched AI startup, after its models drew global attention for advanced capabilities built at lower cost.