Nvidia is in early talks to deepen its investment in Reflection AI or acquire the open-weight startup outright, the Financial Times reported Saturday, citing people with direct knowledge of the matter. Reuters carried the FT report the same day, and Bloomberg also confirmed the talks.

Talks are at an early stage and could take several forms, including an acqui-hire in which Nvidia hires Reflection's staff and licenses its technology rather than buying the company outright. That structure could avoid a lengthy regulatory review; Nvidia used the same approach late last year in its $20 billion Groq deal.

Reflection was founded in 2024 by former Google DeepMind researchers Misha Laskin and Ioannis Antonoglou to build frontier-grade open-weight models in the US. It released its first model, Beam, on October 5, and Nvidia already holds an $800 million stake; the startup was valued at $25 billion in March.

Reuters could not independently verify the report, and both companies declined or did not respond to requests for comment. The discussions could still fall apart, but an agreement could come within weeks.