France-based Mistral has completed a €3bn ($3.48bn) Series D funding round, putting the AI company’s post-money valuation at more than €21bn ($24.4bn).
The fundraising was co-led by Samsung Electronics, the Scaleup Europe Fund managed by EQT, and existing investor PSG Equity.
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The latest round provides capital to expand the company’s “frontier research,” along with increased compute capabilities for training AI models and broader international operations. This round comes three years after Mistral’s founding.
Mistral currently has operations in 20 countries and supports more than 125 global enterprises with their AI initiatives. Its clients include ASML, Airbus, HSBC, and others.
According to Mistral, the new investment will help to scale its infrastructure, accelerate its commercial growth, and strengthen its position in AI provision for both enterprises and governments seeking control over data and AI deployment.
The company states that demand is rising for AI solutions that balance performance with organisational autonomy as clients consider issues such as data governance and long-term technology dependencies.
Backing in the Series D round also came from investors including Advent, funds and accounts managed by BlackRock, and the Grand Duchy of Luxembourg.
Previous investors also participated, such as ASML, a16z, Belfius, Bpifrance, BNP Paribas CIB, Carmignac, Eurazeo, DST Global, Headline, General Catalyst, Hillspire, Korelya Capital, Index Ventures, Nvidia, Lightspeed, Phoenix Court’s Solar fund, and Salesforce Ventures.
Mistral highlighted support from companies active in advanced manufacturing, engineering, and technology, which it says reflects confidence in its approach to deploying AI within complex environments.
It positions itself as a full-stack provider, delivering open-weight models alongside its own infrastructure and compute capacity. The company claims this approach enables customers to remain independent from single-vendor commercial strategies and gives them more choice over their AI use.
Furthermore, Mistral asserts that its systems allow organisations to keep proprietary data and workflows inside their own boundaries, and to retain control over models, compute, and systems in production.
In July 2026, Mistral and Microsoft agreed to broaden their partnership to support the deployment of AI models for businesses and organisations operating in regulated sectors.
