Reflection AI, a startup that counts Nvidia as a backer, is seeking a valuation in the vicinity of $25 billion as it negotiates a fresh funding round, people familiar with the matter say. The company is in talks to raise about $2.5 billion in new capital, an amount that would lift its market value to more than three times its prior figure of roughly $8 billion.
Founded in 2024, Reflection has already accumulated more than $2 billion in financing to date. The firm is part of a collaborative effort with other companies working closely with Nvidia to develop open-source artificial intelligence models. Those models are being designed so that businesses, governments, and research institutions can freely use and adapt them.
People involved with the effort characterize it as an attempt to build a U.S.-led open AI ecosystem, with Reflection cast as a core participant. The initiative has a stated aim of countering more advanced AI offerings originating from China, and Reflection is pursuing partnership opportunities that include the development of localized AI systems. Among these projects are efforts focused on sovereign AI infrastructure intended to serve the needs of U.S. allies.
On the investor side, discussions are underway for additional participants in the round. JPMorgan Chase is reportedly in talks to take part through its security-focused investment initiative. Existing investor Disruptive is also expected to participate in the financing, according to people familiar with the discussions.
The proposed raise and valuation would represent a substantial escalation in Reflection's market value from its prior roughly $8 billion assessment. The company continues to explore partnerships and technical collaborations as it expands beyond its initial financing and operational footing established since its 2024 founding.
Contextual note: Details in this report reflect the information available from people familiar with the matter. Specific terms of any final financing, the identity of all investors, and the ultimate valuation will depend on the outcome of ongoing negotiations.