Mistral Raises €3 Billion in Series D Funding Round

Mistral has raised €3 billion in a Series D funding round at a post-money valuation of more than €21 billion, according to Mistral's funding announcement. The transaction is the largest equity fundraising round ever completed by a European technology company, arriving three years after the company's launch.

Samsung Electronics led the investment round. Co-leads for the Series D funding included Scaleup Europe Fund, which is managed by EQT, alongside existing investor PSG Equity. The round brought in new investors including Advent, funds and accounts managed by BlackRock, and the Grand Duchy of Luxembourg.

A group of existing investors also participated in the round. That list includes a16z, ASML, Belfius, BNP Paribas CIB, Bpifrance, Carmignac, DST Global, Eurazeo, General Catalyst, Headline, Hillspire, Index Ventures, Korelya Capital, Lightspeed, NVIDIA, Salesforce Ventures, and Phoenix Court's Solar fund, which is home to LocalGlobe, Latitude, and Solar. ASML previously led Mistral's Series C round.

Mistral plans to use the capital to expand its frontier research and scale compute capacity for training models. The funds are also intended to expand infrastructure and accelerate commercial growth across its international footprint. Mistral currently operates across 20 countries and supports 125+ global enterprises, including Airbus, ASML, and HSBC.

The company builds open-weight models alongside compute capacity, infrastructure, and products. Its product lineup includes Studio for building agents and applications, Forge for model training and alignment, Vibe for long-horizon work, Vibe for code, and AI Cloud. Listed models include Mistral OCR 4, Mistral Medium 3.5, Mistral Small 4, and Voxtral TTS.

Mistral defines its stack as a sovereign AI layer across four dimensions: data that remains inside organizational boundaries, controllable models, private compute, and auditable production systems.