Mistral Closes €3B Series D Led by Samsung at €21B-Plus Valuation

Samsung Electronics led Mistral's €3 billion Series D round, with Scaleup Europe Fund and PSG Equity as co-leads, pushing the French AI company's valuation above €21 billion. Mistral and multiple sources describe the round as the largest equity raise by a European technology company. The previous valuation stood at €11.7 billion as of September 2025. Samsung had previously backed Mistral through its venture arm and is the world's largest maker of memory chips; Dutch chip firm ASML, which led the previous round, also holds a position on Mistral's cap table. Funds are earmarked for frontier research, training compute, infrastructure, commercial growth, and international expansion, including Mistral's first data centre to be built in France. The company plans to expand across Europe, the Middle East, Asia, and North America. Mistral signed a deal in July with Microsoft to provide AI computing capacity and offer its models to Microsoft's clients. No public API prices, models, free tiers, or billing policies changed with the announcement.