Nvidia is holding preliminary discussions to deepen its investment in or acquire Reflection AI, a U.S.-based developer of open-weight AI models valued at $25 billion following its latest funding round. The chipmaker is already an investor, having committed $800 million, according to the Financial Times. Potential structures include a full acquisition, an acqui-hire paired with technology licensing, a larger equity stake, or additional chips and computing resources. No final agreement has been reached, and the talks could still end without a deal. Reflection, founded in 2024 by former DeepMind researchers Misha Laskin and Ioannis Antonoglou, develops software-development automation tools. The company launched Beam, its first open-weight model, to compete in coding and agentic tasks with lower-cost Chinese models including DeepSeek and Kimi. The negotiations are widely seen as an effort to secure a U.S. strategic AI asset amid competition from Chinese developers. Laskin said in April that Reflection was raising capital at a $25 billion pre-money valuation, while the latest account describes the company as valued at $25 billion after its latest funding round.