Mistral AI is in talks to raise €3 billion ($3.5 billion) at a €20 billion valuation, nearly double the Paris-based AI company's Series C valuation of €11.7 billion from September 2025. The round, reported by Bloomberg and Sifted, would make Mistral Europe's most-valued AI company by a considerable margin.
If closed, total funding would reach €6.5 billion including debt and equity. Most capital is earmarked for Mistral Compute, the company's own data center buildout targeting 1 gigawatt of capacity by 2030 and 200 megawatts by 2027. Mistral already secured $830 million in debt financing in March 2026 for data center expansion in the Paris area.
Mistral is positioning itself as Europe's answer to OpenAI and Anthropic, combining open-weight model releases with enterprise-focused deployments for European industrial customers. Backers include ASML (now 11% shareholder), Microsoft, Nvidia, Andreessen Horowitz, General Catalyst, and Bpifrance. Discussions are early-stage; both amount and valuation remain subject to change.