Mistral AI raised €3 billion (~$3.5 billion) in a Series D led by Samsung Electronics, at a post-money valuation of more than €21 billion (~$24.5 billion). The round was announced September 8, roughly three years after the French company launched.
EQT's Scaleup Europe Fund and existing backer PSG Equity co-led alongside Samsung. Advent, funds and accounts managed by BlackRock, and the Grand Duchy of Luxembourg came in as new investors. Existing investors that also participated: a16z, 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.
Mistral said the capital will "expand Mistral's AI research and computing capacity, develop its infrastructure and products, and support further commercial and international expansion."
The valuation math
Mistral's Series C, led by chipmaking-equipment maker ASML, closed roughly a year earlier at a post-money valuation of €11.7 billion (~$13.7 billion). The Series D nearly doubles that in twelve months. ASML, which led the Series C, participated again.
Samsung Electronics leads; ASML holds a stake from the prior round, NVIDIA participates, and the Grand Duchy of Luxembourg invests directly. Nvidia and Anthropic have made comparable hardware-linked commitments in recent months, including Nvidia's agreement to acquire Hugging Face for $12.93 billion and Anthropic's $10 billion six-year compute deal with Volta.
Mistral publishes open-weight models and markets itself as a European alternative to the US labs, including Voxtral TTS, its open-source voice model aimed at ElevenLabs.
Source: Tech.eu
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