Mistral AI, founded in 2023 in Paris by Arthur Mensch, Guillaume Lample, and Timothée Lacroix, has secured €3 billion in a Series D round. This marks the largest equity raise in the history of European tech companies, bringing the startup's valuation to over €21 billion.
The funding round was led by Samsung Electronics, with EQT’s Scaleup Europe Fund and PSG Equity acting as co-leads. New investors include Advent and BlackRock-managed funds, while Andreessen Horowitz, ASML, and NVIDIA participated again. Additionally, the company raised $830 million in debt in March 2026 for data center construction.
The company's growth is rapid, as its previous Series C round in September 2025 raised €1.7 billion and valued the firm at €11.7 billion. Mistral currently serves more than 125 enterprise clients in 20 countries, including major corporations such as Airbus and HSBC.
Mistral focuses on open-weight models and a full-stack approach for enterprise data control. To support its expansion, the company plans to establish 200 megawatts of computing capacity across Europe by the end of 2027.
Financial projections indicate that annualized recurring revenue is expected to exceed $400 million in early 2026, with a target of $1 billion by the end of that year.
