Mistral AI has raised €3 bn in a Series D funding round at a post-money valuation of more than €21 bn. The company said the transaction is the largest equity fundraising completed by a European technology company.
Samsung Electronics led the round, while EQT-managed Scaleup Europe Fund and existing investor PSG Equity joined as co-leads. The financing comes three years after Mistral’s launch.
Mistral plans to use the capital for AI research and additional computing capacity required to train larger models. Funding will also support infrastructure expansion, international operations and commercial development.
The company currently operates across 20 countries and works with more than 125 large enterprises. Customers cited by Mistral include Airbus, ASML and HSBC, which use its technology for business AI deployments.
Mistral has positioned its technology around giving enterprises and governments greater control over AI infrastructure and model deployment. Its offering includes open-weight models, computing infrastructure and software for deploying AI systems in production.
The company said customers can run its models while keeping sensitive data and internal workflows within their own environments. Organizations can also customize models and choose how computing resources and production systems are operated.
Mistral describes this structure as a sovereign AI model, with customers retaining control over data, models and computing infrastructure. The approach is aimed at organizations concerned about dependence on individual technology vendors or externally managed AI services.
The Series D attracted new investors from Europe and North America alongside strategic technology companies. Advent, funds and accounts managed by BlackRock and the Grand Duchy of Luxembourg participated as new investors.
Existing shareholders also joined the round. Participants included a16z, ASML, Belfius, BNP Paribas CIB and Bpifrance, alongside Carmignac and DST Global.
Eurazeo, General Catalyst and Headline also participated, as did Hillspire and Index Ventures. Other returning investors included Korelya Capital, Lightspeed, NVIDIA and Salesforce Ventures. Phoenix Court’s Solar fund also participated in the financing. The investor group follows Mistral’s Series C, which was led by Dutch semiconductor equipment manufacturer ASML.
With Samsung leading the Series D and ASML having led the previous round, Mistral has attracted backing from two large technology and industrial companies.
The company said this support will help fund deployment of its AI systems in complex enterprise environments while maintaining customer control over data and infrastructure.
The €3 bn financing gives Mistral additional capital to expand model development and computing resources as competition among AI developers intensifies. Its valuation exceeds €21 bn following the round, while its operations now span 20 countries and more than 125 enterprise customers.
