Mistral Raises €3B to Make Sovereign, Open-Weight Al the Technology Frontier

Mistral raises €3B to make sovereign, open-weight Al the technology frontier

Mistral valued at more than €21 billion, the largest-ever European tech equity fundraising, three years after launch.
Samsung Electronics leads the round, with the Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity joining as co-leads.

September 8, 2026 - Mistral today announced that it has raised €3 billion in a Series D funding round at a post-money valuation of more than €21 billion, the largest equity fundraising round ever completed by a European technology company, three years after the company's launch.

Samsung Electronics led the round, joined by co-leads Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity.

The round will significantly expand Mistral's frontier research, which is the foundation underpinning its infrastructure, products and sovereignty. While allowing Mistral to scale its compute capacity for training powerful models, it will help Mistral expand infrastructure and accelerate its commercial growth and international footprint. The company now operates across 20 countries and supports 125+ global enterprises' mission-critical Al transformation, including Airbus, ASML, and HSBC.

During the first wave of generative Al, the central question was who could build the most powerful model. Organizations and governments are now asking a different one: how to harness the power of Al for their mission-critical needs without surrendering control over the infrastructure and intelligence loop. Demand for that combination of performance with control, choice and independence is growing internationally, as enterprises and governments weigh the long-term technology dependencies, data governance requirements and deployment choices that come with any Al investment.

Mistral is the only Al company in the world building the full stack required to answer that question: open-weight models, the infrastructure and the compute capacity they run on, and the products that bring them into production; ensuring that customers are never locked into a single vendor's roadmap, pricing or availability.

Mistral's full-stack and open approach also allows organizations to build on it without exposing their most valuable data, workflows and institutional knowledge to anyone outside their own walls. That's what makes Mistral's stack the sovereign Al layer, meaning retaining control across four dimensions: data that stays inside the organization's boundaries, models that are controllable and customizable, compute that is private and predictable, and systems in production that are fully controllable and auditable.

"Organisations want to industrialise Al inside systems that are already complex: their own data, their own tools, their own compliance constraints. That's the real problem. It's why we've built Mistral on open-weight frontier models and infrastructure that we control end to end, so our customers can too," said Arthur Mensch, co-founder and CEO of Mistral. "This demand is everywhere we look. This round means we can move faster on R&D, products, infrastructure and keep giving organisations the ability to run Al at scale, on their own terms."

Samsung Electronics leads the round, with Scaleup Europe Fund, managed by EQT, and PSG Equity confirmed as co-leads

The round reflects a strategic endorsement from investors across Europe, Asia and North America. It brings together a world-class syndicate of strategic and financial investors, including global technology leaders, growth investors and existing shareholders that have supported Mistral's development to date.

With a Series C led by ASML and a Series D led by Samsung Electronics, Mistral has attracted backing from companies at the forefront of advanced manufacturing, engineering and industrial technology. This support reflects growing confidence that Mistral's approach can help organisations deploy state-of-the-art Al inside complex real-world environments while maintaining control over their data, infrastructure and knowledge.

Mistral is also confirming that it is now backed by the Scaleup Europe Fund, managed by EQT.

"Most companies at the frontier choose a layer. Arthur and his team are building across all of them - models, infrastructure and applications - from Europe, and at remarkable speed. It's the harder path designed to give customers real control of their Al. We believe that combination of ambition and execution puts Mistral in a strong position to shape the next era of AI," said Kirk Lepke, Partner at EQT and Scaleup Europe Fund.

PSG Equity, an existing investor that has partnered with Mistral to accelerate Al adoption across its portfolio of software companies, is also co-leading.

"We first partnered with Mistral as part of its Series C in 2025, recognising its position as a global leader in Al and the strength of its technology, team and vision. Co-leading this latest round enables us to deepen that relationship and reflects our conviction in the long-term trends shaping the Al market, from accelerating enterprise adoption to growing demand for trusted and sovereign Al solutions. We believe Europe has a significant opportunity to build global technology leaders and that Mistral is exceptionally well placed to be at the forefront of this. We are excited to continue supporting Arthur and the team as they advance their R&D ambitions and continue to scale the business globally," explains Dany Rammal, Managing Director and Head of Europe at PSG Equity.

Advent, funds and accounts managed by BlackRock and the Grand Duchy of Luxembourg joined the round as new investors. Existing investors a16z, ASML, Belfius, BNP Paribas CIB, Bpifrance, Carmignac, DST Global, Eurazeo, General Catalyst, Headline, Hillspire, Index Ventures, Korelya Capital, Lightspeed, NVIDIA, Phoenix Court's Solar fund (home to LocalGlobe, Latitude and Solar) and Salesforce Ventures participated in the round.

About Mistral

Mistral is a global Al lab building state-of-the-art open-weight models, products and infrastructure that enable enterprises, public institutions and advanced industries to truly own, customize, and control their Al. Headquartered in France, Mistral has a strong international presence across Europe, North America and Asia. For more information, visit www.mistral.ai.