Mistral AI, the Paris company that develops large language models and the Le Chat assistant, raised €3bn (about $3.5bn) in a Series D round announced on September 8, 2026. The round valued the company at more than €21bn (about $24.4bn) after the investment.
Samsung Electronics led the round. The Scaleup Europe Fund, which is managed by EQT, and existing investor PSG Equity were co-leads. Mistral described the deal as the largest equity fundraising ever completed by a European technology company, according to Orrick, the law firm that advised it.
The valuation is close to double the €11.7bn Mistral was valued at in 2025, when it raised a €1.7bn Series C led by the Dutch chip-equipment maker ASML, Euronews reported.
“Long term, the plan is to fully rely on capacity that we are building ourselves, and so that means that the amount of compute that we own is going to grow around 100% in the next five years.”Arthur Mensch, CEO, Mistral AI
Who invested
Alongside the three leads, Tech.eu reported that the round brought in new investors Advent, funds and accounts managed by BlackRock, and the Grand Duchy of Luxembourg.
Existing backers listed by Tech.eu include Andreessen Horowitz, 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. Euronews said Nvidia added to its stake in this round.
The Scaleup Europe Fund is an EU-backed vehicle that brings together public and private capital to invest in European technology companies. The same fund co-led The Exploration Company's $450m Series C, announced on the same day.
What the money is for
According to Orrick, the money will expand Mistral's frontier research, scale the computing power it uses to train models, grow its infrastructure and support commercial and international expansion.
Euronews reported that much of the money will go into data centres and computing capacity that Mistral can rent to other companies while also securing its own independence. Chief executive Arthur Mensch said the company plans to rely on capacity it builds itself and to train "bigger and faster models".
Mistral is already spending €4bn (about $4.7bn) on data centres in France and elsewhere in Europe, including a site outside Paris and another under construction in Sweden, according to Euronews. The outlet added that Mistral raised further debt financing for the same purpose in March, and that Microsoft has agreed to fund capacity from its European network.
What Mistral does
Mistral was founded in 2023 by Arthur Mensch, Guillaume Lample and Timothée Lacroix. It releases both open-weight and proprietary models and sells the infrastructure and products needed to run them in production to businesses and public-sector organisations.
Tech.eu reported that Mistral works with more than 125 enterprises in 20 countries, including Airbus, ASML and HSBC. It targets customers that want control over where their data is stored, how models are customised and which infrastructure they run on, rather than depending on a single technology provider.
Euronews reported that Mistral expects to pass one billion in annual recurring revenue by the end of 2026. Mistral has not disclosed its headcount.
The funding so far
Orrick listed Mistral's earlier rounds as a €105m seed round in June 2023, a €385m Series A in December 2023, a €600m Series B in June 2024 and the €1.7bn Series C in September 2025. Together with the Series D, those rounds add up to about €5.8bn of equity raised in a little over three years, not counting debt.
Company website: mistral.ai