Mistral AI aims to raise €3 billion, pushing valuation to €20 billion

Mistral AI, a French artificial‑intelligence startup founded in 2023 by former Google DeepMind and Meta researchers, is in early discussions to raise roughly €3 billion. If the round closes, the company’s valuation would rise to about €20 billion, nearly double the €11.7 billion valuation recorded after its Series C in September 2025. The proceeds are earmarked primarily for building a network of proprietary data centres, with a target of reaching one gigawatt of computing capacity by 2030. Dutch chip‑equipment maker ASML, which led the Series C and holds an 11 % stake valued at about €1.3 billion, would see its holding rise to roughly €2.2 billion under the new valuation. Other backers include Nvidia, Andreessen Horowitz, General Catalyst, DST Global, Index Ventures, Lightspeed and France’s Bpifrance. Mistral’s strategy combines open‑weight models that enterprises can self‑host with commercial‑grade closed models for specialised uses, positioning the firm as a European alternative to U.S. AI giants and a focal point for sovereign‑AI initiatives across Europe.