Paris-based generative AI startup Mistral AI has nearly doubled its valuation to more than $24 billion through a $3.5 billion Series D fundraise. Samsung Electronics led the round, with participation from co-leads Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity. The financing comes nearly one year after Mistral’s $2 billion Series C, which valued the company at $13.7 billion. Mistral has raised $7.5 billion since its 2023 inception.
Mistral said the new capital will significantly expand its frontier research , expand infrastructure, and accelerate commercial growth and its international footprint. The company operates across 20 countries and has more than 125 global enterprise customers, including Airbus, ASML, BMW, and HSBC.
The new raise allows Mistral to retain its position as Europe’s most highly valued foundation model company. Seven private frontier labs on the Crunchbase Unicorn board are valued above $20 billion, or eight including China’s ByteDance; the remaining companies are based in the United States and China. Mistral builds AI models for generating text, writing code, and analyzing documents, competing with OpenAI, Anthropic, and Google.
Unlike many U.S. rivals, Mistral offers businesses the ability to customize and run its models on their own systems rather than relying entirely on a third-party cloud provider. This approach gives businesses greater control over how they deploy Mistral’s AI models.
Europe posted its strongest quarter in four years for venture funding in Q2, according to Crunchbase data. Startups based in Europe raised $24 billion during the quarter, up around a third from the previous quarter and two-thirds above the $14.4 billion raised in Q2 2025. Mistral’s latest round eclipses its $2 billion Series C, previously the largest venture round raised by a European AI company. Other large European AI-related deals this year include Isomorphic Labs’ $2.1 billion Series B and Nscale’s $2 billion Series C at a $14.6 billion valuation.