Mistral AI seeks €3bn round at about €20bn valuation

Mistral AI is reportedly in preliminary talks to raise about €3 billion in a funding round that could value the French startup at about €20 billion, according to Bloomberg as cited by Mobile World Live. Bloomberg said the proposed terms are not final and the valuation could increase depending on investor demand.

Mistral AI reached a valuation of €11.7 billion in September 2025, when Dutch semiconductor company ASML became its largest shareholder with an 11% stake after leading a €1.7 billion Series C funding round. The reported new round would mark a step up from that September 2025 valuation if completed on the terms under discussion.

Mistral AI has targeted European governments and enterprises and has plans to develop cloud computing infrastructure in France and Sweden. The company has also expanded its industrial focus, serving customers including Airbus and BMW, and acquired Austrian startup Emmi AI last month to broaden its services for industrial clients in Europe.