French AI company Mistral has raised €3 billion in a Series D round, pushing its valuation above €21 billion and making it one of Europe's biggest bets yet in the global artificial intelligence race.
Samsung Electronics led the round alongside the EU-backed Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity. New investors, including Advent, BlackRock, and the Grand Duchy of Luxembourg, also participated.
The company describes the deal as the largest equity fundraising ever completed by a European technology firm.
The raise comes as Mistral seeks to challenge much larger US rivals including OpenAI and Anthropic, while positioning its open-weight models as an alternative for organizations seeking greater control over their AI systems and data.
Mistral will deploy the new funding to increase computing capacity, advance frontier AI research, expand infrastructure, and drive international growth as it competes with bigger companies in the global artificial intelligence market.
