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 Chinese tech giants have committed about 30 billion yuan to the round, one of the people said.

They include Tencent Holdings, which was expected to invest 10 billion yuan, while NetEase and JD.com were each set to contribute about 3 billion yuan. Contemporary Amperex Technology Limited (CATL), the world’s largest electric-vehicle battery maker, was expected to invest about 5 billion yuan, one of the people said.

This round was also expected to be joined by a number of venture capital firms, including IDG Capital, Monolith, Loyal Valley Capital and Shixiang Tech, the people said.

DeepSeek’s founder and CEO Liang Wenfeng is reportedly committing around 20 billion yuan of his own capital.