Mistral raises €3B at €21B valuation in Europe's largest tech round

Mistral AI said Tuesday it raised €3 billion (about $3.58 billion) at a post-money valuation of more than €21 billion, in what it called the largest equity fundraising round ever completed by a European technology company. Samsung Electronics led the Series D, with EQT-managed Scaleup Europe Fund and existing investor PSG Equity as co-leads.

The French lab said it will use the funding to scale compute capacity, build infrastructure, accelerate commercial growth and expand internationally. Mistral now operates in 20 countries and is pushing to build 1 GW of compute capacity in Europe by 2030.

The round sharpens Mistral's positioning as a sovereignty-focused AI lab rather than a European ChatGPT. In August it unveiled tools letting customers choose which regions process their AI queries, and it began hosting third-party open-weight models, including Chinese ones, to bolster its role as an AI services provider. Samsung's entry into the cap table has the blessing of French authorities; President Emmanuel Macron said the round reflected France and South Korea's goal of "building a third way in AI."