Mistral has raised €3 billion in Series D funding at a post-money valuation of more than €21 billion, marking what the company described as the largest equity fundraising round ever completed by a European technology company. Samsung Electronics led the round, with the Scaleup Europe Fund managed by EQT and existing investor PSG Equity serving as co-leads.
New investors included Advent, funds and accounts managed by BlackRock, and the Grand Duchy of Luxembourg. Existing investors participating in the round included Andreessen Horowitz, ASML, Belfius, BNP Paribas CIB, Bpifrance, Carmignac, DST Global, Eurazeo, General Catalyst, Headline, Hillspire, Index Ventures, Korelya Capital, Lightspeed, NVIDIA, Phoenix Court’s Solar fund and Salesforce Ventures.
The financing comes just three years after Mistral’s launch and will be used to expand its frontier AI research, computing infrastructure, products and international commercial operations.
Mistral said the new capital will substantially increase its compute capacity for training more powerful models while supporting expansion of its infrastructure and accelerating commercial growth.
The company currently operates across 20 countries and supports more than 125 global enterprises using its technology for mission-critical AI transformation.
Customers cited by Mistral include Airbus, ASML and HSBC.
Mistral is positioning itself around what it describes as sovereign AI, built around giving companies and governments greater control over their models, infrastructure, data and production systems.
The company argues that the next phase of AI adoption is increasingly focused not simply on model performance, but on whether organizations can deploy advanced AI without giving up control of their data, infrastructure or technology roadmap.
Its approach is based on building and controlling the full AI stack, including open-weight models, infrastructure, compute capacity and production software.
Mistral said this architecture is designed to reduce dependence on individual vendors and allow organizations to retain greater control over pricing, availability, customization and deployment.
The company defines sovereignty across four areas: data remaining within organizational boundaries, controllable and customizable models, private and predictable compute, and production systems that can be fully controlled and audited.
Mistral also said its open-weight approach allows customers to build on its technology without exposing proprietary data, workflows or institutional knowledge outside their organizations.
The Series D follows a Series C led by ASML, giving Mistral two consecutive financing rounds led by major global technology and advanced manufacturing companies.
The company views the backing from ASML and Samsung as validation of its strategy of building AI systems that can operate inside demanding industrial, enterprise and government environments.
The €3 billion financing gives Mistral additional capital to compete in the rapidly expanding frontier AI market while continuing to differentiate itself around open models, sovereign infrastructure and enterprise control.
