Chinese AI startup DeepSeek is finalizing its first major funding round, raising over $7 billion at a valuation nearing $60 billion, backed by major investors like Tencent and CATL.

Chinese artificial intelligence start-up DeepSeek is finalising its first external fundraising round, securing over 50 billion yuan (US$7.4 billion) at a valuation of just under US$60 billion, according to people familiar with the matter – marking a six-fold leap from its US$10 billion valuation in April. The blockbuster round highlights intensifying global competition and a shifting strategy for the AI breakout star, which had previously resisted external capital. Market-oriented investors and....