The competition between U.S. and Chinese artificial intelligence companies is fueling a surge in private funding, with several leading firms pursuing multibillion-dollar raises while moving closer to public listings.

DeepSeek is nearing a financing round worth at least $12 billion, with Tencent and battery manufacturer CATL among its backers, according to Bloomberg. Investor interest could lift the deal to approximately $15 billion, putting the final amount above the company’s original target.

The funding push comes after DeepSeek released its V4 Flash model, strengthening its challenge to OpenAI and Anthropic in both model performance and cost efficiency.

Moonshot AI is taking a similar path. The company behind the Kimi chatbot has reportedly completed its final private funding round at a $50 billion valuation. It is now targeting a Hong Kong IPO in the first quarter of 2027, with the offering potentially generating up to $5 billion.

Moonshot’s revenue expectations are also climbing. Its annual recurring revenue is projected to reach $2 billion by December, which would be twice its current level.

OpenAI is seeking an even larger amount of capital. The company was reported last week to be looking for at least $30 billion at a $1.4 trillion pre-money valuation, following the delay of its IPO plans.

Bloomberg’s latest report named BlackRock and UAE funds as potential participants, with those investors potentially contributing as much as $10 billion combined.

Anthropic is also reportedly considering entering the public markets. The company is eyeing a November IPO after the U.S. midterm elections, potentially at a valuation of around $2 trillion.

The scale of these planned financings and IPOs illustrates the enormous amounts of capital being committed to AI development. As DeepSeek and other Chinese firms seek to close the gap with U.S. leaders, investors are increasingly backing companies on both sides of the rivalry with multibillion-dollar valuations and funding commitments.