Chinese AI champion DeepSeek raised around $15 billion in one of the country’s biggest-ever financing rounds as part of efforts to keep up with Western frontier firms. The Hangzhou-based firm — which last year shocked markets by unveiling a model that could compete with Silicon Valley’s leaders at a fraction of the cost — twice increased its financing target ahead of the latest funding round, which analysts said set the stage for an imminent public listing.
Though DeepSeek hopes the fresh capital will help fund its international expansion, governments and regulators worldwide have recently stepped up their scrutiny of its security and privacy policies, with some, including US agencies, banning its technology entirely from government devices.