Mistral AI closed a 3 billion euro Series D round, increasing its valuation past 21 billion euros. The funding round, led by Samsung Electronics, marks the largest equity funding for any European tech company.
The company's valuation has roughly doubled since its 12 billion euro valuation in September 2025, following a 1.3 billion euro investment from ASML. Mistral also took out an $830 million loan in March to fund its own data centers.
Mistral's models, including Mistral Medium 3.5, lag behind Chinese competitors like Qwen and Kimi in open model performance. However, the company focuses on enterprise clients, operating in 20 countries and serving over 125 companies, including Airbus, ASML, and HSBC.
"Since early 2026, Mistral has benefited heavily from European customers looking to cut their reliance on US providers," said Mistral's CEO. The company is leveraging this trend to expand its market presence.
The announcement follows a surge in European interest in reducing dependence on US technology providers. Mistral's strategy is to capitalize on this shift while addressing its competitive gaps.
Mistral did not specify its long-term goals beyond enterprise expansion, and the company remains focused on improving its models and growing its customer base. The next phase involves scaling its operations across Europe.
Source: thedecoder
