A company that didn’t exist two years ago just pulled off the biggest equity fundraise in European tech history. Mistral AI, the French artificial intelligence startup founded in 2023, has closed a €3 billion Series D round that values the company at more than €21 billion.
Mistral’s previous round, a €1.7 billion Series C completed in September 2025, valued it at €11.7 billion. The company has nearly doubled its valuation in a matter of months.
Who’s writing the checks
Samsung Electronics led the round. Co-leads included EQT’s Scaleup Europe Fund and PSG Equity, with new investors Advent and BlackRock-managed funds also joining the cap table. Andreessen Horowitz, ASML, and NVIDIA all participated again. Mistral has also tapped debt markets, raising $830 million in March 2026 specifically earmarked for data center buildouts.
The European sovereignty play
