Mistral raises €3B as sovereign AI becomes big business
techcrunch ·
Mistral AI announced it raised €3 billion in a Series D round, reaching a post-money valuation above €21 billion. The round, described as the largest equity fundraising ever by a European tech company, was led by Samsung Electronics with EQT and PSG Equity as co-leads. Mistral plans to use the funds to scale compute, build infrastructure, and expand internationally, while clarifying that it does not aim to be a European ChatGPT. The company is shifting strategy to address European sovereignty concerns, including plans for 1 GW of compute capacity by 2030 and tools letting customers choose data-processing regions. It has also begun hosting third-party open-weight AI models, including Chinese ones, to strengthen its role as a flexible AI services provider. Operating in 20 countries, Mistral focuses on helping governments and corporations maintain control over AI, and French President Macron endorsed the round as part of a ‘third way in AI.’ Despite significant European and Asian investment, Mistral retains ties with U.S. players like Microsoft and American investors, keeping its cap table international.
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