AI
Mistral AI raises 3 billion euros in Europe's largest-ever tech funding round despite lagging behind rivals
Mistral AI has closed a 3 billion euro Series D funding round, pushing its valuation past 21 billion euros in what it claims is the largest equity funding
Key takeaways
- Mistral AI closed a 3 billion euro Series D round, valuing the company past 21 billion euros.
- This is the largest equity funding round any European tech company has ever raised.
- Samsung Electronics is leading the funding round.
- Mistral's valuation has roughly doubled since September 2025, when it was worth about 12 billion euros.
- Mistral Medium 3.5 trails Chinese competitors like Qwen and Kimi and does not compete with closed US models.
Mistral AI has closed a 3 billion euro Series D funding round, pushing its valuation past 21 billion euros in what it claims is the largest equity funding round ever raised by a European tech company. Led by Samsung Electronics alongside co-leads Scaleup Europe Fund and PSG Equity, the round also drew new backers like BlackRock and the Grand Duchy of Luxembourg. Despite its Mistral Medium 3.5 model lagging behind Chinese rivals like Qwen and Kimi, Mistral has focused heavily on enterprise clients, serving over 125 companies across 20 countries as European customers look to reduce reliance on US AI providers.
Mistral secures Europe's largest tech round ever, doubling its valuation despite lagging model performance.
By the numbers
- €3B
- Series D equity funding round raised by Mistral AI
- €21B
- Valuation of Mistral AI after Series D round
- $830M
- Loan taken out by Mistral to fund data centers
- 125+
- Enterprise companies served by Mistral AI
- 20
- Countries where Mistral AI operates
How it unfolded
- ASML invested 1.3 billion euros at 12 billion valuation
- European customers began cutting reliance on US AI providers
- Mistral took out an 830 million dollar loan
- Mistral closed a 3 billion euro Series D round
Why this matters
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Mistral has benefited heavily since early 2026 from European customers wanting to cut reliance on US providers.
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Common questions
- What happened with Mistral AI?
- Mistral AI closed a 3 billion euro Series D round, valuing the company past 21 billion euros.
- Where can I read the original report?
- Read the full report at The Decoder.
