Mistral raises €3B at €21B valuation
Mistral has closed a €3 billion Series D at more than €21 billion post-money — the largest equity round ever raised by a European technology company — led by Samsung Electronics three years after the lab launched.
Samsung Electronics led the round, with co-leads Scaleup Europe Fund (managed by EQT) and existing investor PSG Equity. Advent, funds and accounts managed by BlackRock, and the Grand Duchy of Luxembourg came in as new investors. Existing backers including a16z, ASML, Bpifrance, DST Global, General Catalyst, Index Ventures, Lightspeed, NVIDIA and Salesforce Ventures participated.
The Samsung-led Series D follows a Series C led by ASML, giving Mistral two consecutive rounds anchored by industrial and advanced-manufacturing strategics rather than pure financial or hyperscaler capital.
Mistral says the money will expand frontier research and scale compute capacity for training, alongside infrastructure buildout and international commercial growth. The company reports operations across 20 countries and more than 125 enterprise customers, naming Airbus, ASML and HSBC.
The pitch attached to the raise is sovereignty: Mistral positions itself as building the full stack — open-weight models, the infrastructure and compute they run on, and the production products — so customers retain control over data residency, model customization, private compute and auditable deployed systems, without lock-in to a single vendor's roadmap or pricing.
The announcement does not disclose revenue, headcount, compute commitments, the size of Samsung's stake, or how the €3 billion splits between training compute and infrastructure. Nor does it name a next model release. Mistral's previous valuation and the round's close date are likewise not given in the announcement.