Reflection, an AI startup backed by Nvidia, is seeking to raise $2.5 billion at a valuation of $25 billion, foreign media including the Wall Street Journal and the Financial Times reported on March 25.

Reflection is focusing on developing open-source AI models that companies, research institutes and universities can freely use and modify. Nvidia has invested about $800 million in Reflection, when it was valued at around $8 billion.

JPMorgan Chase is also considering taking part in the investment round, the reports said.

Reflection recently signed a contract with South Korean conglomerate Shinsegae Group to build a Korean-language specialised model. The model project runs through a data centre powered by thousands of Nvidia chips.

Reflection aims to become the base open model for "sovereign cloud" projects built by governments of U.S. allies in a similar way, the Wall Street Journal reported.

Misha Laskin (미샤 라스킨), Reflection's chief executive officer, said, "Open models are a Trojan horse that draws in the infrastructure the models run on." He stressed that open models also have a positive effect on infrastructure such as Nvidia chips. Laskin, a Russian-Israeli researcher and former Google DeepMind employee, founded Reflection in 2024. The company has raised more than $2 billion so far. Major investors include 1789 Capital, where Donald Trump Jr is a partner, Lightspeed Venture Partners, CRV and Sequoia Capital.