# Reflection AI revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/reflection-ai/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Reflection AI's CEO confirmed in April 2026 that its latest funding round closed at a $25B pre-money valuation. No revenue figure has been reported. It's a private company with no stock ticker and no stated IPO plan.

Checked Nov 6, 2026

## At a glance

- Valuation: $25B pre-money at its latest round, which its CEO confirmed closed in April 2026. Nvidia was reported in October 2026 to be in early talks to buy it or invest more.
- Revenue: no revenue or run-rate figure has been reported. Reflection publishes no results.
- Status: private. No stock ticker. No IPO plan has been stated.
- Founded: 2024, by Misha Laskin and Ioannis Antonoglou, former Google DeepMind researchers.
- CEO: [Misha Laskin](https://realalpha.app/builders/misha-laskin/).
- Headquarters: Brooklyn, New York.
- Investors: Nvidia, Sequoia, CRV, Lightspeed, B Capital, Citi, DST and Eric Schmidt, among others.
- Products: the open-weight Beam model (501B parameters), the Mirror CLI coding harness, its API platform and the Asimov code agent.
- On Real Alpha: 11 moments of its people talking, from 2 interviews

## Is Reflection AI public? Can you buy its stock?

No. Reflection AI is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol. [StockAnalysis](https://stockanalysis.com/private/reflection-ai/) says it can't be bought with a regular brokerage account and lists its IPO status as unknown.

Its executives haven't said publicly whether or when it will go public, and no IPO filing has been reported. The Financial Times reported on October 10, 2026 that Nvidia was in early talks to buy Reflection or deepen its stake ([Reuters](https://kfgo.com/2026/10/10/nvidia-in-talks-to-invest-further-in-reflection-ai-or-buy-it-ft-reports/)). Other options were an acqui-hire or more chips. No deal had been announced.

Its shares are held by its founders and investors, including Nvidia, Sequoia, CRV and Lightspeed. StockAnalysis says some shares are offered on the Clarity secondary marketplace. This page reports facts and gives no investment advice.

## Valuation, round by round

Its valuation went from $555M at the March 2025 Series A to $25B before the money in April 2026, more than forty times in about a year.

- Apr 2026 · $25B · — · — · [Reflection AI's newsroom](https://reflection.ai/newsroom)
- Oct 2025 · $8B · $2B · — · [TechCrunch](https://techcrunch.com/2025/10/09/reflection-raises-2b-to-be-americas-open-frontier-ai-lab-challenging-deepseek/)
- Mar 2025 · $555M · $105M · CRV and Lightspeed Venture Partners · [The AI Insider](https://theaiinsider.tech/2025/03/10/reflection-ai-launches-with-130m-to-develop-superintelligent-ai-systems/)
- Mar 2025 · — · $25M · Sequoia Capital and CRV · [The AI Insider](https://theaiinsider.tech/2025/03/10/reflection-ai-launches-with-130m-to-develop-superintelligent-ai-systems/)

Sacra estimates the 2026 round raised $2.5B for a $27.5B valuation after the money, and no lead investor for it has been reported. Sacra names Lightspeed and Sequoia as the Series A leads, where The AI Insider names CRV and Lightspeed.

## How Reflection AI makes money

Reflection gives its model weights away under an open license. It describes its business as open-weight models, open-source software, infrastructure and forward-deployed solutions teams ([Reflection](https://reflection.ai)).

No revenue figure has been reported. Misha Laskin says open models drive demand for inference, deployment software and enterprise support.

- **Inference API.** Beam is free to start on Reflection's first-party API, in public beta since October 16, 2026. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)
- **Private deployment.** It offers private-cloud, on-prem and air-gapped deployment of its models. · [Reflection](https://reflection.ai)
- **Forward-deployed teams.** Its team works with customers from design through development and deployment. · [Reflection](https://reflection.ai)
- **Asimov licenses.** Sacra estimates Asimov enterprise contracts run $15,000 to $25,000 per user a year, sold as annual per-user licenses. · [Sacra](https://sacra.com/c/reflection-ai/)

From Reflection AI's interviews

- [Enterprises rent intelligence first, then want to own it](https://realalpha.app/s/enterprises-rent-intelligence-first-then-want-to-own-it/) · Misha Laskin · No Priors · Oct 9, 2026
- [Open models can drive demand for a full stack](https://realalpha.app/s/open-models-can-drive-demand-for-a-full-stack/) · Misha Laskin · Sources · Oct 5, 2026
- [AI provider revenue depends on compute, intelligence and trust](https://realalpha.app/s/ai-provider-revenue-depends-on-compute-intelligence-and/) · Misha Laskin · Sources · Oct 5, 2026

## Products

Reflection started with coding agents. [TechCrunch](https://techcrunch.com/2025/10/09/reflection-raises-2b-to-be-americas-open-frontier-ai-lab-challenging-deepseek/) described it in October 2025 as "once focused on autonomous coding agents." Beam is its first open-weight model, and Misha Laskin says it plans significantly larger models in 2027.

- **Beam** (announced October 5, 2026, weights out October 16). A sparse Mixture-of-Experts model with 501 billion total parameters and 23 billion active. Its weights are on Hugging Face under an Apache 2.0 license. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)
- **Mirror CLI** (October 16, 2026). An open-source coding and agent harness that runs Beam from a terminal. Reflection says it first built it for internal use. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)
- **Asimov** (2025). Its first product, a code-comprehension agent for engineering teams. · [Sacra](https://sacra.com/c/reflection-ai/)

From Reflection AI's interviews

- [Reflection expects larger models as reinforcement learning scales](https://realalpha.app/s/reflection-expects-larger-models-as-reinforcement-learning/) · Misha Laskin · Sources · Oct 5, 2026
- [Open models can help make AI safer](https://realalpha.app/s/open-models-can-help-make-ai-safer/) · Misha Laskin · Sources · Oct 5, 2026

## Customers and partners

Reflection hasn't published user or customer counts. Its announced deals are with a U.S. government program, compute providers and hardware makers.

- **U.S. National Laboratories.** Reflection supplies its open-weight models to the Department of Energy's Genesis Mission as a certified consortium member, serving 17 national labs. Axios reported the partnership in May 2026. · [Reflection's about page](https://reflection.ai/about)
- **Shinsegae.** The two are building a sovereign AI cloud data center in South Korea, the WSJ reported on March 16, 2026. · [Reflection's about page](https://reflection.ai/about)
- **[Dell](https://realalpha.app/companies/#dell-technologies).** Dell announced on May 18, 2026 that Reflection is validated on Dell AI Factory with NVIDIA, for on-premises use. · [Reflection's about page](https://reflection.ai/about)
- **SpaceX.** CNBC reported on June 22, 2026 that SpaceX signed a computing power deal with Reflection worth up to $6.3 billion. · [Reflection's newsroom](https://reflection.ai/newsroom)
- **[Nebius](https://realalpha.app/companies/#nebius).** Agreed to provide Reflection over $1 billion in computing power, as Bloomberg reported on July 14, 2026. · [Reflection's newsroom](https://reflection.ai/newsroom)
- **Launch partners.** Beam launched with over 40 partners and integrations, including AWS, Google Cloud, Microsoft Foundry, Databricks, Dell and HPE. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)

From Reflection AI's interviews

- [Enterprises go closed first, then move to open models once costs bite](https://realalpha.app/s/enterprises-go-closed-first-then-move-to-open-models-once/) · Misha Laskin · No Priors · Oct 9, 2026
- [Data center owners need open models and a software partner](https://realalpha.app/s/data-center-owners-need-open-models-and-a-software-partner/) · Misha Laskin · Sources · Oct 5, 2026

## Leadership

Both co-founders worked at Google DeepMind before starting Reflection in 2024 ([Wikipedia](https://en.wikipedia.org/wiki/Reflection_AI)).

- **[Misha Laskin](https://realalpha.app/builders/misha-laskin/),** co-founder and CEO. He led reward modeling for Google DeepMind's Gemini before starting Reflection. · [Sacra](https://sacra.com/c/reflection-ai/)
- **[Ioannis Antonoglou](https://realalpha.app/builders/ioannis-antonoglou/),** co-founder and president. He helped build AlphaGo, AlphaZero and MuZero at DeepMind.

From Reflection AI's interviews

- [Reflection began with bets on RL and Western open models](https://realalpha.app/s/reflection-began-with-bets-on-rl-and-western-open-models/) · Misha Laskin · Sources · Oct 5, 2026

## Who owns Reflection AI?

Its founders and investors. As a private company it doesn't publish who holds what, and no stake percentages have been disclosed. [Sacra](https://sacra.com/c/reflection-ai/) estimates it has raised about $4.63B in total.

- **[Nvidia](https://realalpha.app/companies/#nvidia)** is a major financial and strategic backer. The Financial Times reported in October 2026 that it has invested $800 million. · [Reuters (via KFGO)](https://kfgo.com/2026/10/10/nvidia-in-talks-to-invest-further-in-reflection-ai-or-buy-it-ft-reports/)
- **Sequoia Capital and CRV** led the $25 million seed round in March 2025. · [The AI Insider](https://theaiinsider.tech/2025/03/10/reflection-ai-launches-with-130m-to-develop-superintelligent-ai-systems/)
- **CRV and Lightspeed Venture Partners** co-led the $105 million Series A in March 2025, at a $555 million valuation. · [The AI Insider](https://theaiinsider.tech/2025/03/10/reflection-ai-launches-with-130m-to-develop-superintelligent-ai-systems/)
- **B Capital, Citi, Disruptive, DST, Eric Schmidt, Zoom Ventures and 1789** were among the backers Reflection named when it announced its $2 billion raise in October 2025. · [Reflection AI's blog](https://reflection.ai/blog/frontier-open-intelligence/)

## Competitors

Reflection builds open-weight frontier models that anyone can download. [Sacra](https://sacra.com/c/reflection-ai/) names OpenAI and Anthropic as the well-funded frontier labs it competes against.

- **[OpenAI](https://realalpha.app/companies/openai/),** a closed frontier lab named by Sacra. · [Sacra](https://sacra.com/c/reflection-ai/)
- **[Anthropic](https://realalpha.app/companies/anthropic/),** also named by Sacra. · [Sacra](https://sacra.com/c/reflection-ai/)
- **[DeepSeek](https://realalpha.app/companies/deepseek/),** an open-model lab. Misha Laskin says Reflection changed course when the Western open frontier fell behind DeepSeek.

What its people said about the competition

- [Beam targets strong reasoning with fewer tokens](https://realalpha.app/s/beam-targets-strong-reasoning-with-fewer-tokens/) · Ioannis Antonoglou · Sources · Oct 5, 2026
- [Open models can fill gaps when closed safeguards block use](https://realalpha.app/s/open-models-can-fill-gaps-when-closed-safeguards-block-use/) · Misha Laskin · Sources · Oct 5, 2026
- [Frontier training costs rise 4x per generation, and AI speeds the work](https://realalpha.app/s/frontier-training-costs-rise-4x-per-generation-and-ai-speeds/) · Misha Laskin · No Priors · Oct 9, 2026

## Timeline and latest news

- Oct 16, 2026 · Released Beam's weights on Hugging Face under an Apache 2.0 license. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)
- Oct 16, 2026 · Launched Beam with over 40 partners and integrations. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)
- Oct 10, 2026 · The Financial Times reported Nvidia was in early talks to buy Reflection or deepen its stake. · [Reuters (via KFGO)](https://kfgo.com/2026/10/10/nvidia-in-talks-to-invest-further-in-reflection-ai-or-buy-it-ft-reports/)
- Oct 5, 2026 · Announced Beam, its first open-weight model, with 501B parameters. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)
- Jul 14, 2026 · Bloomberg reported a deal for over $1 billion in computing power from Nebius. · [Reflection's newsroom](https://reflection.ai/newsroom)
- Jun 22, 2026 · CNBC reported a SpaceX computing power deal worth up to $6.3 billion. · [Reflection's newsroom](https://reflection.ai/newsroom)
- May 22, 2026 · Joined the Department of Energy's Genesis Mission, serving 17 national labs. · [Reflection's about page](https://reflection.ai/about)
- May 18, 2026 · Dell said Reflection is validated on Dell AI Factory with NVIDIA. · [Reflection's about page](https://reflection.ai/about)
- Apr 23, 2026 · Its CEO confirmed the latest round closed at a $25B pre-money valuation. · [Reflection AI's newsroom](https://reflection.ai/newsroom)
- Mar 16, 2026 · The WSJ reported its sovereign AI cloud project in South Korea with Shinsegae. · [Reflection's about page](https://reflection.ai/about)
- Mar 2, 2026 · The Financial Times reported it was courting investors at a valuation above $20B. · [Reflection's newsroom](https://reflection.ai/newsroom)
- Oct 9, 2025 · Raised $2B at an $8B valuation, in a round led by Nvidia. · [TechCrunch](https://techcrunch.com/2025/10/09/reflection-raises-2b-to-be-americas-open-frontier-ai-lab-challenging-deepseek/)
- Jul 2025 · Its first product, the Asimov code agent, was covered in July 2025 reporting. · [Sacra](https://sacra.com/c/reflection-ai/)
- Mar 2025 · Raised a $105M Series A at a $555M valuation. · [The AI Insider](https://theaiinsider.tech/2025/03/10/reflection-ai-launches-with-130m-to-develop-superintelligent-ai-systems/)
- Mar 2025 · Emerged from stealth with a $25M seed round led by Sequoia and CRV. · [The AI Insider](https://theaiinsider.tech/2025/03/10/reflection-ai-launches-with-130m-to-develop-superintelligent-ai-systems/)

## In their own words, and what followed

- [Beam targets strong reasoning with fewer tokens](https://realalpha.app/s/beam-targets-strong-reasoning-with-fewer-tokens/) · Ioannis Antonoglou · Sources · Oct 5, 2026
  > “more token efficient, reasoning efficient than some of the open frontier models”
  Reported after · Reflection released Beam's weights on Hugging Face under an Apache 2.0 license on October 16, 2026. It has 501 billion total parameters and 23 billion active. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)

- [Open models can drive demand for a full stack](https://realalpha.app/s/open-models-can-drive-demand-for-a-full-stack/) · Misha Laskin · Sources · Oct 5, 2026
  > “open source technology is a demand driver for something.”
  Reported after · Reflection said on October 16, 2026 that Beam is free to start on its first-party API, now in public beta. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)

- [Enterprises rent intelligence first, then want to own it](https://realalpha.app/s/enterprises-rent-intelligence-first-then-want-to-own-it/) · Misha Laskin · No Priors · Oct 9, 2026
  > “you want to own a house for various reasons, even if it's a bit of a headache.”
  Reported after · On October 16, 2026 Reflection released Mirror CLI, an open-source harness for running Beam as a coding agent. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)

- [Data center owners need open models and a software partner](https://realalpha.app/s/data-center-owners-need-open-models-and-a-software-partner/) · Misha Laskin · Sources · Oct 5, 2026
  > “by nature of you owning your own asset, you need an open model to serve on it”
  Reported after · Beam launched on October 16, 2026 with over 40 partners and integrations, including AWS, Google Cloud, Dell and HPE. · [Reflection's blog](https://reflection.ai/blog/beam-is-available)

## Questions people ask

### Is Reflection AI a public company? Can I buy Reflection AI stock?

No. Reflection AI is private and has no ticker, so its shares aren't sold on any exchange. [StockAnalysis](https://stockanalysis.com/private/reflection-ai/) says some shares are offered on the Clarity secondary marketplace.

### When will Reflection AI IPO?

It hasn't said, and no IPO filing has been reported. The Financial Times reported in October 2026 that Nvidia was in early talks to buy it or deepen its stake ([Reuters](https://kfgo.com/2026/10/10/nvidia-in-talks-to-invest-further-in-reflection-ai-or-buy-it-ft-reports/)).

### Who owns Reflection AI?

Its founders and investors, including Nvidia, Sequoia, CRV, Lightspeed, B Capital, Citi, DST and Eric Schmidt. The FT reported Nvidia has invested $800 million ([Reuters](https://kfgo.com/2026/10/10/nvidia-in-talks-to-invest-further-in-reflection-ai-or-buy-it-ft-reports/)). Stakes haven't been disclosed.

### Who is the CEO of Reflection AI?

[Misha Laskin](https://realalpha.app/builders/misha-laskin/), its co-founder. He led reward modeling for Gemini at Google DeepMind.

### Who founded Reflection AI?

Misha Laskin and Ioannis Antonoglou, former Google DeepMind researchers, in 2024.

### How much is Reflection AI worth?

Its CEO confirmed in April 2026 that its latest round closed at a $25B pre-money valuation ([Reflection's newsroom](https://reflection.ai/newsroom)). Sacra estimates $27.5B after the round.

### How much revenue does Reflection AI make?

No revenue or run-rate figure has been reported, and Reflection doesn't publish results.

### Is Reflection AI profitable?

It doesn't publish results, and no profit or loss figures have been reported. Misha Laskin says its near-term job is to build models and grow inference.

### How does Reflection AI make money?

Its weights are free. It sells inference through its API platform, private-cloud and on-prem deployment, and forward-deployed teams ([Reflection](https://reflection.ai)).

### Who are Reflection AI's customers?

It hasn't published customer counts. It supplies its models to the Department of Energy's Genesis Mission, serving 17 national labs ([Reflection](https://reflection.ai/about)).

### Where is Reflection AI headquartered?

Brooklyn, New York.

### Who are Reflection AI's competitors?

[Sacra](https://sacra.com/c/reflection-ai/) names OpenAI and Anthropic. Among open-model labs, its founders point to DeepSeek.

## Every moment from Reflection AI's people

### Beam: The Great American Open Model with ReflectionAI Co-Founder and CEO Misha Laskin
No Priors · Oct 9, 2026

- [Frontier training costs rise 4x per generation, and AI speeds the work](https://realalpha.app/s/frontier-training-costs-rise-4x-per-generation-and-ai-speeds/) · 4 min
- [Enterprises rent intelligence first, then want to own it](https://realalpha.app/s/enterprises-rent-intelligence-first-then-want-to-own-it/) · 3 min
- [Enterprises go closed first, then move to open models once costs bite](https://realalpha.app/s/enterprises-go-closed-first-then-move-to-open-models-once/) · 3 min

### An open model challenger to Anthropic and OpenAI
Sources · Oct 5, 2026

- [Beam targets strong reasoning with fewer tokens](https://realalpha.app/s/beam-targets-strong-reasoning-with-fewer-tokens/) · 4 min
- [Open models can help make AI safer](https://realalpha.app/s/open-models-can-help-make-ai-safer/) · 4 min
- [Open models can drive demand for a full stack](https://realalpha.app/s/open-models-can-drive-demand-for-a-full-stack/) · 5 min
- [Reflection expects larger models as reinforcement learning scales](https://realalpha.app/s/reflection-expects-larger-models-as-reinforcement-learning/) · 4 min
- [AI provider revenue depends on compute, intelligence and trust](https://realalpha.app/s/ai-provider-revenue-depends-on-compute-intelligence-and/) · 4 min
- [Reflection began with bets on RL and Western open models](https://realalpha.app/s/reflection-began-with-bets-on-rl-and-western-open-models/) · 3 min
- [Data center owners need open models and a software partner](https://realalpha.app/s/data-center-owners-need-open-models-and-a-software-partner/) · 6 min
- [Open models can fill gaps when closed safeguards block use](https://realalpha.app/s/open-models-can-fill-gaps-when-closed-safeguards-block-use/) · 6 min

## People on Real Alpha

- [Misha Laskin](https://realalpha.app/builders/misha-laskin/), Co-founder & CEO, Reflection AI
- [Ioannis Antonoglou](https://realalpha.app/builders/ioannis-antonoglou/), Co-founder & President, Reflection AI

## How this page is sourced

Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it.