Mistral AI Raises $3.5 Billion At $24 Billion Valuation

Paris-based generative AI startup Mistral AI announced Tuesday it has raised $3.5 billion in a Series D funding round, valuing the company at over $24 billion. Samsung Electronics led the round, with participation from co-leads Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity.

The significant funding comes nearly one year after Mistral's $2 billion Series C round, which valued the company at $13.7 billion. Since its inception in 2023, Mistral has now raised a total of $7.5 billion.

The financing cements Mistral's position as Europe's most highly valued developer of foundational AI models. Globally, only a handful of private AI companies have reached valuations exceeding $20 billion, with most based in the United States and China.

The company stated the new capital will be used to significantly expand frontier research, grow infrastructure, and accelerate commercial growth and international footprint. Mistral currently serves over 125 global enterprise customers across 20 countries.

Mistral competes with U.S. tech giants like OpenAI, Anthropic, and Google, offering AI solutions that provide greater flexibility and customization for clients, unlike many purely cloud-based offerings.