Mistral raises €3 billion Series D at more than €21 billion

Mistral raised €3 billion in a Series D at a post-money valuation of more than €21 billion, according to the company’s announcement. Samsung Electronics led the round. Co-leads were Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity.

Mistral says the capital expands frontier research, scales compute capacity for training, and accelerates infrastructure and commercial growth. The company says it operates across 20 countries and supports 125+ enterprises, naming Airbus, ASML, and HSBC among customers.

The syndicate mixes new and returning money. New investors include Advent, funds and accounts managed by BlackRock, and the Grand Duchy of Luxembourg. Existing backers that participated include ASML, NVIDIA, a16z, Bpifrance, DST Global, General Catalyst, Index Ventures, Lightspeed, Salesforce Ventures, and others named in the post. Mistral notes its Series C was led by ASML and this Series D by Samsung.

Mistral frames the product as a sovereign, open-weight full stack — models, infrastructure, and compute — aimed at enterprises and governments that want performance without surrendering control of data and deployment. That is the company’s pitch; the money story is the round size, valuation, and who wrote the checks.

Stake: European open-weight competitors and hyperscaler model vendors; Samsung and ASML as strategic chip/equipment backers; Nvidia as both supplier-adjacent and shareholder; EU industrial-policy funds watching “sovereign AI” capital formation.

What’s next: Any SEC/AMF or other regulatory filings that confirm the valuation; first disclosed compute or capex spend from the raise; whether Samsung or ASML deepen commercial AI stack ties beyond the equity check.

— Nico Valdez