Mistral Raises €3 Billion; Samsung Leads, Aiming for 200 MW by 2027

Key Takeaways

1Mistral has raised €3 billion and exceeds a valuation of €21 billion

2Capacity goals: 200 MW by 2027 and 1 GW by 2030

3Microsoft has signed a multi-billion dollar contract with Mistral

Why it matters : these funding and contracts are expected to support the scaling of Mistral's computing infrastructure and its international expansion, as announced by the company.

Mistral closes a €3 billion funding round led by Samsung and surpasses a €21 billion valuation. The startup outlines its priorities: computing capacity in Europe, industrial and public contracts, and expansion outside the continent, while remaining controlled by its founders.

Computing Capacity: 200 MW by 2027 and 1 GW by 2030

Mistral plans to manage 200 MW of computing power by 2027 and reach 1 GW by 2030. The company has already invested €4 billion in data center infrastructure located in France and Europe to enhance its own computing capabilities and provide an alternative to major American cloud players. Microsoft has signed a multi-billion dollar contract to utilize this capacity.

Funding Led by Samsung and Control Retained by Founders

The new funding round totals €3 billion, bringing Mistral's valuation to over €21 billion. The round was led by Samsung alongside the Scaleup Europe fund, launched by the European Commission, and PSG Equity, with participation from ASML and Nvidia. Samsung, already involved through Samsung Ventures, strengthens its position as an investor, with the group also being the world's leading manufacturer of memory chips. ASML, which joined the capital during the previous funding round, continues to provide support. According to CFO Johan Bergqvist, founders Arthur Mensch, Guillaume Lample, and Timothée Lacroix retain control of the company.

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Open Offer and Sovereignty: Public and Industrial Partnerships

The company emphasizes, according to Mistral, an architecture of models described as open, which would allow organizations to design their artificial intelligence without disclosing sensitive data, work methods, or expertise to third parties. A non-exclusive partnership has been established with the French government to provide an AI assistant to public service agents, accompanied by experiments conducted in various ministries, particularly in the field of cybersecurity. On the industrial front, partnerships are in place with BMW, Airbus, and CMA CGM to integrate AI into industrial processes. This approach aligns with a technological sovereignty initiative, in a context where, in June, Washington required Anthropic to suspend access to its most advanced models for any foreign nationals for two weeks.

Business Trajectory: Over 1,000 Employees and €1 Billion in Annualized Revenue Target

Mistral now has over 1,000 employees, having nearly doubled its workforce in a year. According to its CFO, the company is on track to achieve €1 billion in annualized revenue, a figure extrapolated from recent revenues.

Positioning Against American Players and Capital Strategy

Johan Bergqvist presents Mistral as a blend between Palantir and Anthropic and believes the company is well-funded for its next phase. He claims that its models are designed with better economic efficiency than those of its competitors, which reduces its capital needs. The context remains marked by exceptional funding rounds in the United States: OpenAI raised $110 billion in March, while OpenAI and Anthropic have presented models whose consumer versions are restricted for safety reasons. Anthropic is also preparing for an IPO that could surpass that of SpaceX.