DeepSeek Close to Sealing $7 Billion Funding in Historic AI Deal

DeepSeek is close to finalizing a deal to raise about 50 billion yuan ($7.4 billion) from investors including Tencent Holdings Ltd. and its own founder in one of China’s largest startup financings, a milestone for a domestic AI industry seeking capital to take on marquee US names like OpenAI.

Social media giant Tencent and battery pioneer Contemporary Amperex Technology Co. Ltd.are the two biggest investors in a group that’s begun signing term sheets for the fundraising this week, according to people familiar with the matter. The state-backed National Artificial Intelligence Industry Investment Fund is also taking part, in ...