Reflection AI, which has backing from Nvidia, is said to be in discussions to raise roughly $2.5 billion at a proposed pre-money valuation of $25 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the discussions.
According to the report, JPMorgan Chase is weighing participation in the financing through its Security and Resiliency Initiative. The $25 billion figure referenced was described as a pre-money valuation - that is, the companystimate before the injection of the newly proposed $2.5 billion investment.
The report noted an upward move versus an earlier target: another media account this month indicated Reflection had been seeking a valuation of more than $20 billion. The Wall Street Journal ttributed the $25 billion and related details to people familiar with the matter.
Reuters could not immediately verify the Journal ccount, and Reflection did not immediately respond to a request for comment, according to the report. Those caveats were included in the public accounts of the negotiations.
Context and details provided in reports
- The $25 billion valuation is described as pre-money, meaning it reflects the company's value before the new capital infusion.
- JPMorgan Chase is named as a potential participant through its Security and Resiliency Initiative, per the reporting.
- Earlier coverage this month put Reflection's target valuation at more than $20 billion; the $25 billion figure would represent an increase from that earlier target.
- Independent verification of the Journal's account was not immediately possible, and the company did not provide a comment when asked.
The information in these reports is based on accounts attributed to people familiar with the negotiations and on prior media reporting about the company's fundraising targets. The public record available at the time of the reports includes the pre-money valuation figure, the possible involvement of JPMorgan's initiative, and the earlier referenced target above $20 billion.
Limitations
The available reports include statements attributed to unnamed sources and note the absence of immediate confirmation from Reflection. As presented, the financing remains characterized as being "in talks," and the reported figures and potential participants reflect proposed terms rather than finalized deals.