Mistral raises €3 billion at a valuation above €21 billion

Mistral said it has raised €3 billion in a Series D round at a post-money valuation of more than €21 billion. The company describes it as the largest equity fundraising round ever completed by a European technology company, three years after its launch.

Samsung Electronics led the round. Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity joined as co-leads. Advent, funds and accounts managed by BlackRock and the Grand Duchy of Luxembourg came in as new investors. Existing backers a16z, ASML, Belfius, BNP Paribas CIB, Bpifrance, Carmignac, DST Global, Eurazeo, General Catalyst, Headline, Hillspire, Index Ventures, Korelya Capital, Lightspeed, NVIDIA, Phoenix Court's Solar fund and Salesforce Ventures also participated.

Where the money goes

Mistral said the capital will expand its frontier research, scale compute capacity for training models, extend infrastructure and speed up commercial growth and international expansion. The company operates in 20 countries and supports more than 125 global enterprises, including Airbus, ASML and HSBC.

Open weights and sovereignty

Mistral positions itself as the only AI company building the full stack behind sovereign AI: open-weight models, the infrastructure and compute they run on, and the products that put them into production. According to the company, that structure keeps customers from being locked into a single vendor's roadmap, pricing or availability.

The company defines its sovereign AI layer along four dimensions: data that stays inside an organisation's boundaries, models that are controllable and customisable, compute that is private and predictable, and production systems that are fully controllable and auditable. Mistral's Series C was led by ASML, its Series D by Samsung Electronics, both companies rooted in advanced manufacturing and industrial technology.

The full announcement is on Mistral's website.