Nvidia in Early Talks to Buy or Deepen Its Stake in Reflection AI, FT Reports

NVDA is in early-stage discussions to acquire Reflection AI or increase its investment in the open-weight model developer, the Financial Times reported on Saturday, citing people familiar with the matter. Reuters and Investing.com relayed the report, noting that an agreement could be reached within weeks but that the negotiations remain preliminary and could collapse. Reuters said it could not independently verify the discussions.

Nvidia is already a major backer: it has committed $800 million to Reflection, according to the FT. The options under discussion range from a full acquisition, to an acqui-hire in which Nvidia would hire the startup's staff and license its technology, to a larger equity investment or more chips and computing capacity. Founded in 2024 by former Google DeepMind researchers Misha Laskin and Ioannis Antonoglou, Reflection launched its first open-weight model, Beam, this week, aimed at coding and agentic applications and pitched against lower-cost Chinese models such as DeepSeek and Kimi.

No price has been reported for any deal. The widely cited $25 billion figure is Reflection's own fundraising valuation: Laskin told CNBC in April that the company was raising at a $25 billion pre-money valuation. Nvidia has ample capacity for a deal of that size, having generated about $127 billion in free cash flow over the past four quarters and holding $56.6 billion in cash and marketable securities as of July 26, according to an analysis by TIKR.

Structure is the open question. A full acquisition would be the cleanest route but the one most likely to draw a lengthy regulatory review, while an acqui-hire could secure Reflection's talent and technology with fewer hurdles. The next markers are confirmation from either company, the chosen structure and any antitrust response.