Chinese AI startup DeepSeek is nearing a massive $7.4 billion funding round, with tech giants Tencent and CATL leading the investment. DeepSeek’s fundraising would mark a new level of ambition from China’s AI leaders as they seek to compete with their American counterparts in the field.

DeepSeek ranked first on Ramp's June 2026 trending software vendors list as US companies made direct payments to the Chinese AI startup for the first time.

DeepSeek’s pricing shock is rippling through China’s AI sector, pressuring rivals and unsettling cloud providers.