Mistral AI raises $3.5b at $24b valuation
Mistral has more than 125 customers and targets US$1 billion in annual recurring revenue by 2026.
Mistral AI, a Paris-based artificial intelligence firm, has successfully completed a €3 billion Series D funding round, achieving a post-money valuation of over €21 billion. This round marks the largest equity raise ever recorded by a European technology company. Samsung Electronics took the lead in the funding, with co-leads from Scaleup Europe Fund (managed by EQT) and existing investor PSG Equity. Additional investors included Advent, BlackRock-managed funds and accounts, and the Grand Duchy of Luxembourg.
Arthur Mensch, co-founder and CEO of Mistral, emphasized the importance of control over intelligence and the ability to adapt it to individual needs. The company was founded in 2023 by Mensch, Guillaume Lample, and Timothée Lacroix, and focuses on building open-weight AI models and infrastructure. Mistral aims to make frontier AI accessible to enterprises and governments globally, with a current presence in 20 countries and over 125 global customers such as Airbus, ASML, and HSBC.
They claim to be the only AI company capable of providing a full stack of solutions, including open-weight models, infrastructure, and production systems.
The Series D funding round follows a €1.7 billion Series C round led by ASML in September 2025 and comes three years after Mistral's launch. The new funding will enable the company to expand its research efforts, scale compute capacity, and accelerate commercial growth and international expansion.
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