Language models relying on verbalized Chain-of-Thought (CoT) are constrained to token-by-token generation in the language space, where many tokens serve textual coherence rather than core reasoning. This entangles genuine differences in logical trajectories with superficial variations in verbalization. Moving reasoning into a compact, continuous latent space offers a promising alternative for efficiently representing and exploring diverse reasoning trajectories. However, current latent models remain largely deterministic, capturing only a single reasoning trajectory rather than modeling a distribution over multiple valid alternatives. While stochastic approaches parameterize distributions over latent reasoning steps, they frequently suffer from unstable optimization and limited empirical performance. Furthermore, their reliance on autoregressive latent prediction during training precludes effective parallelization, leading to prohibitively long training times. To overcome these bottlenecks, we propose Probabilistic Latent Reasoning Models (PLRM), a parallelizable variational framework for probabilistic latent reasoning. PLRM adopts a JEPA-style objective in which the posterior infers latent distributions in parallel from observed reasoning trajectories, while the prior learns to predict the subsequent latent distribution via teacher forcing. To model heterogeneous reasoning processes, we introduce a discrete strategy variable together with a mixture-based prior, allowing the model to preserve the Gaussian-mixture structure induced by multiple distinct reasoning trajectories rather than collapsing them into a single Gaussian. Across diverse benchmarks, PLRM achieves performance competitive with deterministic latent reasoning models on single-trajectory datasets while enabling efficient training and consistently outperforming competing stochastic baselines on multi-trajectory datasets.

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