id,date,date_precision,status,transaction_type,round,amount_usd_low,amount_usd_high,lead_or_buyer,co_leads,valuation_usd_low,valuation_usd_high,valuation_basis,valuation_to_run_rate_multiple,multiple_bound,multiple_basis,step_up_vs_prior_closed,price_per_share_usd_low,price_per_share_usd_high,shares,source,source_url,other_source_urls,notes,last_updated
round-2026-04-23,2026-04-23,day,Closed round,primary_equity,Funding round,,,,"Investors: Nvidia, Disruptive, DST, 1789, B Capital, Lightspeed, GIC, Citi, Sequoia, CRV and others (per CNBC page)",25000000000,25000000000,"Pre-money, confirmed by CEO Misha Laskin on CNBC (“closed at $25 billion pre-money valuation”)",,,,3.13,,,,"CNBC, 23 Apr 2026",https://www.cnbc.com/video/2026/04/23/reflection-ceo-on-ai-race-the-best-open-models-are-coming-from-china.html,https://www.wsj.com/tech/ai/nvidia-backed-startup-seeking-to-counter-chinese-ai-eyes-25-billion-valuation-3bd8216c,"Date is the CNBC confirmation. Step-up compares a pre-money figure with the Oct 2025 valuation (basis not stated), GNF calc.",2026-11-13
talks-2026-03-26,2026-03-26,day,Reported talks,primary_equity,Funding round (talks),2500000000,2500000000,,,25000000000,25000000000,Reported by the WSJ as sought (“in talks to raise $2.5 billion at a valuation of $25 billion”); not closed at the time,,,,,,,,"The Wall Street Journal, 26 Mar 2026",https://www.wsj.com/tech/ai/nvidia-backed-startup-seeking-to-counter-chinese-ai-eyes-25-billion-valuation-3bd8216c,https://www.reuters.com/business/nvidia-backed-reflection-ai-eyes-25-billion-valuation-wsj-reports-2026-03-26/ https://www.straitstimes.com/business/nvidia-discusses-boosting-reflection-investment-computing-deal,"The talks preceded the round Laskin confirmed as closed in April 2026. The $2.5B was the amount sought; no authority source states the amount that closed, so the closed row leaves it blank.",2026-11-13
round-2025-10-09,2025-10-09,day,Closed round,primary_equity,Funding round,2000000000,2000000000,Nvidia,,8000000000,8000000000,Reported by TechCrunch and Reuters (“$2 billion at an $8 billion valuation”); basis not stated,,,,14.68,,,,"TechCrunch, 9 Oct 2025",https://techcrunch.com/2025/10/09/reflection-raises-2b-to-be-americas-open-frontier-ai-lab-challenging-deepseek/,https://www.reuters.com/business/nvidia-backed-reflection-ai-raises-2-billion-funding-boosts-valuation-8-billion-2025-10-09/,"TechCrunch: “a whopping 15x leap from its $545 million valuation just seven months ago” (exact step-up vs $545M: 14.68×, GNF calc.).",2026-11-13
seed-series-a-2025-03-07,2025-03-07,day,Closed round,primary_equity,Seed and Series A,130000000,130000000,"Seed: Sequoia, CRV; Series A: Lightspeed, CRV",,545000000,545000000,TechCrunch (Oct 2025) gives $545M; SiliconANGLE at launch reported $555M,,,,,,,,"TechCrunch, 9 Oct 2025",https://techcrunch.com/2025/10/09/reflection-raises-2b-to-be-americas-open-frontier-ai-lab-challenging-deepseek/,https://siliconangle.com/2025/03/07/superintelligence-startup-reflection-ai-launches-130m-funding/ https://lsvp.com/stories/towards-superintelligence-reflection-ai/,"Announced at launch. Valuation conflict: SiliconANGLE’s launch report gives $555M, TechCrunch $545M; the page uses TechCrunch.",2026-11-13