Mistral AI Secures €1.7 Billion Series C at €11.7 Billion Valuation, Led by ASML
Updated
Updated · TechCrunch · Jul 4
Mistral AI Secures €1.7 Billion Series C at €11.7 Billion Valuation, Led by ASML
3 articles · Updated · TechCrunch · Jul 4
Summary
€1.7 billion in Series C funding has been closed by Mistral AI, with ASML leading the round and existing backers including DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed and Nvidia participating.
The round values the French AI company at €11.7 billion and adds to roughly $4 billion raised to date, extending a financing streak that included a €600 million equity-and-debt round in June 2024.
More capital is backing a business that said in February its annual recurring revenue had climbed above $400 million from $20 million a year earlier, with management targeting more than $1 billion in ARR this year.
Mistral is positioning itself less as a European ChatGPT rival than as an enterprise and government AI supplier, deploying models on customer infrastructure and building custom systems through its Forge platform.
That strategy also supports a broader sovereignty push in Europe, where Mistral has paired model development with infrastructure bets including the Koyeb acquisition and a €4 billion data-center plan in France and Sweden.
Can Mistral build a European AI champion while depending on American tech giants like Microsoft and Nvidia?
As memory chip prices soar, can Mistral's 'AI cloud' dream survive the massive infrastructure costs?
Mistral AI’s $1.7B Funding Round and ASML Alliance: A New Era for European AI Leadership
Overview
In late 2025 and early 2026, Mistral AI secured a landmark Series C funding round, with ASML becoming its largest shareholder as the lead investor. This major investment was crucial for Mistral AI’s continued growth and innovation, as developing advanced AI solutions requires significant infrastructure funding. ASML’s strategic vision is to integrate Mistral’s AI capabilities into its semiconductor equipment and address complex engineering challenges, while also aiming to strengthen its position in the evolving AI landscape. This partnership not only reaffirms Mistral AI’s independence but also supports European technological sovereignty and leadership in AI.