Mistral raises record €3B to boost AI capabilities

A company that didn’t exist two years ago just pulled off the biggest equity fundraise in European tech history. Mistral AI, the French artificial intelligence startup founded in 2023, has closed a €3 billion Series D round that values the company at more than €21 billion. Mistral’s previous round, a €1.7 billion Series C completed in September 2025, valued it at €11.7 billion. The company has nearly doubled its valuation in a matter of months. Who’s writing the checks Samsung Electronics led the round. Co-leads included EQT’s Scaleup Europe Fund and PSG Equity, with new investors Advent and BlackRock-managed funds also joining the cap table. Andreessen Horowitz, ASML, and NVIDIA all participated again. Mistral has also tapped debt markets, raising $830 million in March 2026 specifically earmarked for data center buildouts. The European sovereignty play Mistral focuses on open-weight models and a full-stack approach that lets enterprise customers maintain control over their own data and deployments. Mistral currently serves over 125 enterprise clients across 20 countries, counting heavyweights like Airbus and HSBC among its customer base. The company was founded in Paris by Arthur ...