In a Series D funding round, Mistral has raised 3 billion euros. The company is now valued at 21 billion euros, with Samsung Electronics serving as the largest investor this time around. During the Series C round, that role was filled by ASML.
According to Mistral, this is the largest investment round ever for a European tech company. The French AI company has been in business for three years and now operates in twenty countries. More than 125 large enterprises use its technology, including European giants such as Airbus, ASML, and HSBC. The funds will go toward frontier research, increased computing capacity for training models, and international growth.
The round had already been anticipated. As early as June 2026, rumors were circulating about this exact amount, though at that time the valuation was around 20 billion euros. That valuation is now significantly higher.
From 600 million to billions in funding rounds
The strides Mistral has made in a short period of time are substantial. In June 2024, the company was still seeking 600 million euros. This was followed by 723 million euros in debt financing from seven banks, intended for the expansion of AI infrastructure.
The Series C round was led by ASML, which became a major shareholder following a 1.3 billion euro deal. Both companies subsequently announced a multi-year strategic partnership. With Samsung leading the Series D round, a second player from the chip industry is joining the fold.
Sovereignty as a selling point
Mistral positions itself as the only AI provider building the entire stack: open-weight models, infrastructure, compute, and products. We note that Google also checks all these boxes (with Gemma as an open-weight option), but there is no European equivalent to Mistral anyway. The company refers to a “sovereign AI layer,” with control over data, models, compute, and production systems. As a result, customers are not locked into a single vendor’s roadmap, pricing, or availability, according to Mistral.
New investors include Advent, funds managed by BlackRock, and the Grand Duchy of Luxembourg. Existing shareholders such as a16z, ASML, Bpifrance, General Catalyst, Index Ventures, Lightspeed, Nvidia, and Salesforce Ventures participated again. Mistral raised approximately $4 billion through June 2026, significantly less than the amounts raised by OpenAI and Anthropic, but unmatched within Europe.