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Pre-IPO

Reflection AI

US open-weight frontier AI lab backed by NVIDIA, positioned as a sovereign-AI provider for US allies.

Last published price (USD)$83.76
8 Oct 2025 — 23 Apr 2026+202.9%
8 Oct 202523 Apr 2026
$83.76Last published price (USD)
$27.5BPost-money valuation
LimitedMarket activity
LiveStatus

Who they are & what they do

SectorEnterprise Software
Industries
AI & Machine Learning
Company overview

Reflection AI was founded in 2024 by former Google DeepMind researchers Misha Laskin and Ioannis Antonoglou (an AlphaGo co-author) to build open-weight frontier models and autonomous coding agents. Investors call it the 'DeepSeek of the West', and the US administration promotes it as a tool of AI diplomacy, including a multi-billion-dollar sovereign AI deal with Korea's Shinsegae Group for a 250MW data center.

Valuation tripled from $8B (October 2025, NVIDIA-led) to $27.5B post-money in the April 2026 Series C. It signed a compute contract with SpaceX worth up to $6.3B through 2029. The company had not released a flagship model or generated meaningful revenue as of mid-2026, which is the central diligence issue alongside compute commitments. No IPO signal.

Key investors

NvidiaLightspeed Venture PartnersSequoia CapitalCrvDisruptiveJ.P. Morgan
Founded 2024
Country United States
Website reflection.ai

Website: reflection.ai

Why look at this deal

Highlights

  1. 01Open Weights
  2. 02Sovereign AI
  3. 03NVIDIA-Backed
  4. 04$27.5B Valuation
  5. 05Pre-Revenue

Deal snapshot

Market activityLimited
Last published price (USD)$83.76
Last roundSeries C
Round dateApril 23, 2026
Amount raised (last round)$2.5B
Post-money valuation$27.5B
Total funding$4.6B
LFR price/share$83.76

Locked fields are disclosed after expressing interest.

Pre-IPO investment risks

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  1. Illiquidity. There is no regulated market: the ability to sell depends on secondary-market demand.
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  3. Uncertain valuation. Based on private rounds and limited transactions, not on audited public financial statements.
  4. No IPO guarantee. The listing may be delayed or never happen; the liquidity horizon is undetermined.
  5. Lock-up. If the company lists, selling restrictions of 90–180 days or longer may apply.
  6. Limited information. Private companies have reduced disclosure obligations and not-always-audited data.
  7. Dilution. Subsequent rounds can dilute existing positions, even significantly.
  8. Transfer restrictions. Rights of first refusal (ROFR) and corporate consents can delay or prevent settlement.

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