€3B Series D values Mistral above €21 billion

Mistral AI has raised €3 billion in a Series D at a post-money valuation of more than €21 billion, the Paris lab said on September 8 in an announcement relayed on Threads. Mistral listed the leads itself: “Samsung Electronics led the round, joined by co-leads Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity.”

Other reporting on the round confirms the €3 billion. The investor list varies between reports. They name Samsung, Nvidia and the Scaleup Fund among the backers, but none of them independently confirms that PSG Equity took part or that Samsung was formally the lead. Nvidia, which appears in those reports, is not among the three names Mistral gave as leads.

Mistral announced the round under the headline ”Mistral makes sovereign open-weight AI to frontier”. Arthur Mensch, Guillaume Lample and Timothée Lacroix founded the lab in April 2023, and it made its name with open-weight releases under Apache 2.0, a permissive license: Mistral 7B and Mixtral.

The Series D is larger than all of Mistral’s earlier equity rounds put together. The seed in June 2023 brought in €105 million at a $260 million valuation, led by Lightspeed. Andreessen Horowitz led a €385 million Series A in December 2023 at $2 billion, and General Catalyst led a €600 million Series B in June 2024 at $6 billion. The Series C in September 2025 raised €1.7 billion ($2 billion) at an $11.7 billion valuation. ASML led that round, putting in €1.3 billion, and holds roughly an 11% stake. Together those four rounds add up to about €2.8 billion, less than the €3 billion raised this time.

Revenue has grown over the same period. Mistral’s annual recurring revenue was put at $400 million in February 2026, up more than sixfold from $60 million in March 2025, and the company is reportedly aiming for more than $1 billion by the end of 2026.

Not all of the money between the two equity rounds was equity. In March 2026 Mistral took on $830 million in debt to finance a data center near Paris, built around Nvidia GPUs. That puts Nvidia, which other reports list among the Series D backers, on both sides of the deal: as an investor and as the supplier of the chips Mistral trains on.