Mistral raises a €3bn Series D

Mistral raised €3bn in a Series D round at a post-money valuation of more than €21bn, which the company described as the largest equity fundraising round completed by a European technology company. Samsung Electronics led the round, with EQT’s Scaleup Europe Fund and existing investor PSG Equity as co-leads; Advent, funds managed by BlackRock, and the Grand Duchy of Luxembourg joined as new backers, alongside returning investors including Nvidia, ASML and Salesforce Ventures.

Mistral said the money would go toward expanding its frontier research and scaling compute capacity for training, and TechCrunch reported the company’s stated ambition to build 1 gigawatt of compute capacity in Europe by 2030 — a shift from renting capacity toward owning infrastructure directly. The round followed a €1.7bn Series C a year earlier at an €11.7bn valuation, meaning the new figure is roughly double that mark within twelve months.

The raise came two weeks after Mistral announced a sovereign-AI partnership with Saudi Arabia’s HUMAIN, part of a pattern of positioning the company as a “sovereign AI” alternative to the dominant American and Chinese labs — European-domiciled, open-weight where it can be, and increasingly backed by government and sovereign-linked capital such as Luxembourg’s stake in this round.