Paris-based Mistral AI has raised €3 billion (about $3.5 billion) in a Series D funding round led by Samsung Electronics, pushing its post-money valuation above €21 billion in what the company describes as the largest equity fundraising round ever completed by a European technology company.
Valuation Nearly Doubles in a Year
Samsung led the round alongside co-leads Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity. New investors including Advent, funds managed by BlackRock, and the Grand Duchy of Luxembourg joined the round, while existing backers a16z, ASML, General Catalyst, Lightspeed, Nvidia and Salesforce Ventures also participated. The step up is steep: Mistral was valued at roughly €11.7 billion in 2025 after a €1.7 billion Series C led by ASML, meaning its valuation has nearly doubled in about a year. Founded three years ago, Mistral says it now operates in twenty countries and counts more than 125 large enterprises among its customers, including Airbus and HSBC.
Funding a European Compute Buildout
Mistral said the capital will fund frontier AI research, continued international growth, and an expanding European compute footprint. The company is already spending roughly €4 billion on data centers across France and Europe, including a facility outside Paris built around 13,800 Nvidia GB300 GPUs and a second, €1.2 billion facility under construction in Sweden, with a target of roughly 200 megawatts of combined European capacity by the end of 2027. Both Microsoft and Nvidia, which are investors in Mistral, are also involved in supplying compute capacity to the buildout. The round positions Mistral as Europe’s best-funded answer to US-based AI labs including OpenAI and Anthropic, though its roughly $4 billion in total funding to date remains well behind either rival.
Leave a Reply