Mistral Raises €3 Billion with Samsung and Aims for 1 GW by 2030

Mistral AI closes a Series D round of €3 billion, bringing its valuation to over €21 billion. The round, led by Samsung and supported by American and European investors, aligns with a stated strategy of control and sovereignty. The lab plans to accelerate its capabilities, international deployment, and services aimed at businesses and states.

An International Round from Luxembourg to South Korea

The funding round was led by Samsung Electronics, with the Scaleup Europe fund managed by EQT and PSG Equity as co-leaders. Among the investors are established American players such as a16z, Nvidia, and Salesforce Ventures, as well as new American entrants like Advent and BlackRock. The Grand Duchy of Luxembourg also joins the round, while many existing European backers have increased their commitments, confirming the international dimension of Mistral's capital. Emmanuel Macron praised on X the shared ambition between France and South Korea to build a "third way" in AI. ASML, the Dutch chip manufacturer, is also a major partner and investor, and Samsung's entry is supported by French authorities. Mistral's trajectory is closely aligned with that of Aleph Alpha in Germany and Cohere in Canada.

Use Cases Focused on Control Rather than Consumer

Mistral AI claims it is not seeking to create a "European ChatGPT" and clarifies that its models are not yet intended for the general public, presenting itself primarily as an AI lab. In August, the company introduced tools that allow its clients to determine where their requests are processed. It now offers hosting for third-party open-weight models, including Chinese models, while indicating that it wants its clients to retain control over the models used and their applications. Some critics have viewed the hosting of Chinese models as a sign of a shift towards providing inference services. Mistral emphasizes its cutting-edge research as the foundation of its infrastructure, products, and sovereignty, primarily targeting governments and large enterprises that wish to maintain control over AI.

Capabilities and Infrastructure: Aiming for 1 GW in Europe

Mistral AI plans to build 1 GW of computing capacity in Europe by 2030. The funds raised will be used to increase computing power, build infrastructure, accelerate commercial growth, and expand international presence. This direction aligns with a desire to address European concerns regarding dependence on American technologies, amid political tensions surrounding regulation and AI products in the United States.

Record Funding, Soaring Valuation, and Partnerships

Mistral AI announced a Series D round of €3 billion, valuing the company at over €21 billion, approximately $3.58 billion and $24.39 billion respectively. The company presents this operation as the largest capital raise ever conducted by a European tech company. The announcement confirms earlier rumors. Mistral maintains ties with American players, notably through a strategic partnership with Microsoft, significantly expanded in July. In a market where the demand for sovereign AI infrastructure is increasing, the fact that it is not an American company has seemingly supported Mistral's revenues.

Expanded Reach to 20 Countries

Mistral AI now operates in 20 countries, illustrating the expansion of its international presence.