French AI lab Mistral AI has raised €3 billion (about $3.58 billion) at a post-money valuation of more than €21 billion (about $24.39 billion), the company announced on Tuesday. The Series D round was led by Samsung Electronics, with EQT-managed Scaleup Europe Fund and existing investor PSG Equity joining as co-leads.
Mistral said the funding will be used to scale its compute capacity, build infrastructure, accelerate commercial growth and expand its international footprint. The company also said it aims to build 1 GW of compute capacity in Europe by 2030, and in August unveiled tools allowing customers to choose where their AI queries are processed.
The company described its frontier research as “the foundation underpinning its infrastructure, products and sovereignty.” It now operates in 20 countries and focuses on helping governments and corporations use AI while maintaining control, unlike other frontier labs such as OpenAI and Anthropic.
French President Emmanuel Macron said on X that the round reflected France and South Korea’s goal of “building a third way in AI.” Samsung’s entry into Mistral’s cap table has the blessing of French authorities.
Mistral continues to work with US partners, including Microsoft, and the round also included American investors such as a16z, Nvidia, Salesforce Ventures, Advent and BlackRock. New backer the Grand Duchy of Luxembourg also joined, keeping the cap table international.