French AI startup Mistral AI has secured a €3 billion ($3.58 billion) Series D funding round, valuing the company at over €21 billion ($24.39 billion), according to an announcement on Tuesday. The round, described by Mistral as the largest equity fundraising in European tech history, was led by Samsung Electronics, with participation from EQT’s Scaleup Europe Fund, PSG Equity, and existing investors such as a16z, Nvidia, and Salesforce Ventures.
Mistral intends to utilize the capital to expand its computational capacity, develop infrastructure, accelerate commercial growth, and broaden its international presence. The company is pursuing a strategic shift aimed at mitigating concerns about technological dependence on the United States, particularly in light of evolving AI regulation and geopolitical tensions. To this end, Mistral plans to establish 1 GW of compute capacity in Europe by 2030 and has introduced tools enabling customers to select processing regions for AI queries. Additionally, the firm now hosts third-party, open-weight AI models, including those from China, positioning itself as a provider of AI services that prioritize user control over model selection and usage.
The funding round, which includes backing from European entities like the Grand Duchy of Luxembourg, underscores Mistral’s international investor base while aligning with France’s strategic objectives. French President Macron highlighted the round as reflective of France and South Korea’s ambition to forge a “third way” in AI development. Despite collaborations with U.S. partners such as Microsoft, Mistral’s non-American status has reportedly bolstered its revenue amid growing demand for sovereign AI infrastructure. The company’s strategy appears tailored to attract government and corporate clients seeking greater control over AI deployment, distinguishing itself from broader-market oriented peers like OpenAI and Anthropic.