Mistral, the Paris-based artificial intelligence company known for its open-weight large language models, has closed a €3bn Series D funding round that values the business at more than €21bn.
Samsung Electronics led the round, with Scaleup Europe Fund, managed by EQT, and existing backer PSG Equity acting as co-leads. The raise marks the largest equity fundraising round ever completed by a European technology company, arriving just three years after Mistral’s launch.
Proceeds will substantially deepen Mistral’s frontier research capabilities, the foundation on which its infrastructure, products and sovereignty commitments rest. The capital will also let the company scale compute capacity for training its models, broaden its infrastructure and speed up commercial expansion into new markets.
Mistral now operates across 20 countries and works with more than 125 global enterprises on mission-critical AI deployments, among them Airbus, ASML and HSBC.
Where the first wave of generative AI centred on which company could build the single most powerful model, businesses and governments are increasingly asking how to put AI to work on critical tasks without ceding control of the underlying infrastructure and intelligence loop.
Demand for that blend of performance, control, choice and independence is rising internationally, as organisations weigh up the long-term technology dependencies, data governance obligations and deployment decisions tied to any AI investment.
Mistral positions itself as the only AI company building the complete stack needed to meet that demand, spanning open-weight models, the infrastructure and compute powering them, and the products that put them into production, so that customers are not tied to a single vendor’s roadmap, pricing or availability.
The company’s full-stack, open approach is also designed to let organisations build on its technology without exposing sensitive data, workflows or institutional knowledge outside their own systems. Mistral frames this as a sovereign AI layer built on four pillars: data that remains within an organisation’s own boundaries, models that can be controlled and customised, compute that is private and predictable, and production systems that stay fully controllable and auditable.
The round drew backing from investors spanning Europe, Asia and North America, bringing together a syndicate of strategic and financial names that includes global technology leaders, growth investors and shareholders who have already supported Mistral’s growth.
Having secured a Series C led by ASML and now a Series D led by Samsung Electronics, Mistral has pulled in capital from companies at the sharp end of advanced manufacturing, engineering and industrial technology, underlining confidence that its approach can help organisations run cutting-edge AI inside complex real-world settings while keeping hold of their data, infrastructure and expertise.
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