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- Mistral AI
Mistral AI Revenue, Valuation, Funding & Investors
Mistral AI is valued at $24B as of September 2026.
Last Mistral AI valuation
$24B
Series D · Sep 2026
Last Mistral AI funding round
$3.5B
Series D · Sep 2026
Mistral AI revenue
$400M
Series C · Sep 2025
Key investors in Mistral AI
General Catalyst
Lightspeed Venture Partners
Andreessen Horowitz
DST Global
Bpifrance
Index Ventures
About Mistral AI
Mistral AI is a Paris-headquartered developer of open-source large language models outperforming GPT-3.5 benchmarks. The company releases models like Mistral 7B, Mixtral 8x7B with 46.7 percent MT-Bench scores, and Pixtral 12B for vision-language tasks. Enterprises deploy these via La Plateforme API supporting 80 billion parameter models for coding, translation, and summarization. Mistral AI partners with Microsoft Azure and NVIDIA for inference hardware. Founded in 2023, it serves clients in automotive and finance across Europe and the U.S.
Founded
2023
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Subscription, Usage-based
Revenue
$400M (Sep 2025)
Valuation
$24B (Sep 2026)
Mistral AI Valuation
Mistral AI is currently valued at $24B, based on its Series D in September 2026. Read the announcement ↗
The $3.5B round was led by Samsung, with participation from Korelya Capital, NVIDIA, General Catalyst, Index Ventures, EQT and 15 other investors.
Mistral AI's valuation has grown 94x from $260M at its seed round in June 2023 to $24B in September 2026, across 6 priced rounds.
Mistral AI valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2026 | Series D | $24B | - |
| Sep 2025 | Series C | $14B | 34.3x |
| Jun 2024 | Series B | $6.2B | 206.7x |
| Feb 2024 | Strategic investment | $2B | 200.0x |
| Dec 2023 | Series A | $2B | 200.0x |
| Jun 2023 | Seed | $260M | - |
Mistral AI Revenue
Mistral AI's latest recorded revenue is $400M, as of its Series C in September 2025. At a $14B valuation, that implies a 34.3x revenue multiple.
Revenue grew from $10M in December 2023 to $400M in September 2025, while the revenue multiple moved from 200.0x to 34.3x.
Mistral AI revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2025 | $400M | $14B | 34.3x | Series C |
| Jun 2024 | $30M | $6.2B | 206.7x | Series B |
| Feb 2024 | $10M | $2B | 200.0x | Strategic investment |
| Dec 2023 | $10M | $2B | 200.0x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Mistral AI Funding History
Mistral AI has raised a total of $6.7B across 6 funding rounds.
Mistral AI's first fundraising round was a $115M seed round in June 2023. The most recent completed round was a $3.5B Series D in September 2026.
Mistral AI funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Series D | Samsung (lead); Korelya Capital; NVIDIA; General Catalyst; Index Ventures; EQT; Carmignac; Government of Luxembourg; Andreessen Horowitz; Advent International; BlackRock; Bpifrance; Lightspeed Venture Partners; ASML; Hillspire; Belfius Bank; PSG Equity; Eurazeo; Headline; BNP Paribas CIB; DST Global | $3.5B | $24B | Samsung Electronics led a EUR 3 billion Series D financing for Mistral AI, announced in September 2026, at a post-money valuation of more than EUR 21 billion. Scaleup Europe Fund, which is managed by EQT, and existing investor PSG Equity co-led the round. Advent International, funds and accounts managed by BlackRock and the Grand Duchy of Luxembourg joined as new investors, while existing backers including Andreessen Horowitz, ASML, Belfius, BNP Paribas CIB, Bpifrance, Carmignac, DST Global, Eurazeo, General Catalyst, Headline, Hillspire, Index Ventures, Korelya Capital, Lightspeed and NVIDIA also participated. Mistral described the transaction as the largest equity fundraising round ever completed by a European technology company. The valuation is close to double the EUR 11.7 billion set in the company's EUR 1.7 billion Series C, which ASML led in September 2025. Mistral said the proceeds will expand its frontier research, scale its compute capacity for training models, develop its infrastructure and products, and support further commercial and international expansion. The company said that backing from groups in advanced manufacturing, engineering and industrial technology demonstrates market confidence in its strategy of combining open-weight models with its own infrastructure. Mistral AI is a Paris-based developer of open-weight large language models, enterprise AI products such as the Le Chat assistant, and compute infrastructure that it offers to customers as a single stack under their own control. The company was founded in April 2023 by Arthur Mensch, Guillaume Lample and Timothée Lacroix, and it operates across 20 countries. Its models and products are used by more than 125 large enterprises, including Airbus, ASML and HSBC. |
| Sep 2025 | Series C | ASML (lead); NVIDIA; General Catalyst; Index Ventures; Andreessen Horowitz; Bpifrance; Lightspeed Venture Partners; PSG Equity; DST Global | $2B | $14B | Mistral AI, a French AI company developing frontier AI models, announced a Series C funding round of €1.7 billion ($2 billion) on September 9, 2025, led by ASML with a €1.3 billion investment, securing approximately 11% stake. Participants included Andreessen Horowitz, Bpifrance, DST Global, General Catalyst, Index Ventures, Lightspeed Venture Partners, and NVIDIA. The round achieved a €11.7 billion post-money valuation, doubling the prior $6 billion valuation from a $640 million round led by General Catalyst. The investment forms a strategic partnership between ASML and Mistral AI to integrate AI into ASML's lithography systems, research, and operations for improved performance and time-to-market. ASML CFO Roger Dassen joins Mistral's strategic committee. Mistral emphasizes independence and advancing AI for engineering challenges in semiconductors and related industries. Recent Mistral developments include Le Chat's voice mode powered by Voxtral, Mistral Medium 3 outperforming competitors, Mistral Code for developers, and Magistral reasoning models, positioning it competitively in AI foundation models. |
| Jun 2024 | Series B | DST Global (lead); General Catalyst (lead) | $645M | $6.2B | Mistral AI, a Paris-based AI startup founded by DeepMind and Meta alumni, develops large language models and generative AI technologies positioning itself as a European rival to OpenAI and other US giants. The company offers proprietary models like Mistral Large, fluent in multiple languages, and code generation tools like Codestral, available via API-first products. In June 2024, Mistral closed a Series B funding round raising €468 million in equity (total €600 million including €132 million debt), led by DST Global and General Catalyst, with participation from Lightspeed Venture Partners, Andreessen Horowitz, Nvidia, Samsung Venture Investment Corporation, IBM, Cisco, ServiceNow, Korelya Capital, and Hanwha Asset Management. The post-money valuation was €5.8 billion (approximately $6 billion USD), marking one of France's largest private tech fundraises and securing over €1 billion in total funding to date. The round supports Mistral's expansion of AI frontiers, international presence, and state-of-the-art technology accessibility while maintaining founder control and independence. Strategic partnerships include a distribution deal with Microsoft integrating models into Azure, though it raised questions about European independence. Mistral emphasizes multilingual AI leadership and custom solutions for enterprises. Post-Series B, Mistral continued rapid growth, raising a €1.7 billion Series C in September 2025 led by ASML at €11.7 billion post-money valuation, with DST Global, General Catalyst, and others participating, focusing on decentralized frontier AI for engineering and industrial challenges. This established it as Europe's largest AI venture round, amid intensifying competition from OpenAI, Anthropic, xAI, and Meta. |
| Feb 2024 | Strategic investment | Microsoft (lead) | $16M | $2B | Mistral AI, a French AI startup, reached a valuation of about $2 billion in its Series A funding round in December 2023, raising €385 million (around $415 million) led by Andreessen Horowitz. On February 27, 2024, Microsoft invested €15 million ($16.3 million) as part of a distribution partnership for Azure, structured as an addition to the Series A that explicitly does not change the company's valuation. This investment will convert to less than 1% equity in Mistral AI's next funding round at the Series A valuation. The Microsoft deal provides Mistral AI access to Azure's supercomputing for training and deploying models, alongside making Mistral's models available in Azure's catalog as an alternative to OpenAI and Meta's Llama. Mistral AI, founded by former Meta and Google DeepMind employees including CEO Arthur Mensch, focuses on open-source large language models like Mistral 7B and Mistral Large. |
| Dec 2023 | Series A | Andreessen Horowitz (lead); General Catalyst; Conviction VC; Emerson Collective; CMA CGM Ventures; Databricks Ventures; La Famiglia; BNP Paribas; Lightspeed Venture Partners; Sofina; Motier Ventures | $415M | $2B | Mistral AI, a French generative AI startup founded in 2023, develops open-source large language models competing with offerings from OpenAI and others, focusing on efficient, high-performance models like Mistral Small for enterprise and developer adoption. The company operates a B2B and B2C model monetizing through cloud APIs, enterprise licenses, consumer subscriptions, and model training services, with strong traction in Europe due to regulatory advantages and limited competition. In December 2023, Mistral AI completed a Series A funding round raising $415 million (€385 million) led by Andreessen Horowitz, with participation from investors including BNP Paribas, CMA CGM Ventures, General Catalyst, Lightspeed Venture Partners, and others. The round valued the company at a post-money valuation of $2.1 billion (€2 billion), a significant jump from its $260 million seed valuation in June 2023 when it raised $113 million. Funds supported model development, infrastructure, and enterprise partnerships. For 2023, its first year of commercial operations, Mistral AI generated an estimated $10 million (€9.3 million) in revenue, growing threefold to $30 million in 2024 driven by model adoption in enterprise systems. The company continued rapid expansion with a February 2024 Series A extension and a June 2024 Series B raising $640 million at $6.2 billion valuation. Mistral's growth reflects surging demand for its AI models, with later projections targeting over $1 billion in 2026 revenue amid European focus on AI sovereignty. Commercial traction includes large enterprise and government deployments, particularly in Europe accounting for 60% of revenue by later periods. |
| Jun 2023 | Seed | Lightspeed Venture Partners (lead) | $115M | $260M | Mistral AI, a Paris-based startup co-founded in April 2023 by former DeepMind and Meta researchers including CEO Arthur Mensch, develops open-source large language models targeting enterprises to make AI more useful and accessible. On June 13, 2023, the company raised €105 million ($113 million) in its seed round, Europe's largest AI seed at the time, at a post-money valuation of €240 million ($260 million). Lightspeed Venture Partners led the investment, with participation from Redpoint, Index Ventures, Xavier Niel, JCDecaux Holding, Rodolphe Saadé, Motier Ventures, La Famiglia, Headline, Exor Ventures, Sofina, First Minute Capital, LocalGlobe, Bpifrance, and Eric Schmidt. The funding came just weeks after Mistral AI's founding, before releasing any products, betting on the team's expertise to compete with OpenAI in building, training, and applying generative AI models. Lightspeed emphasized the founders' foresight on LLM applications and second-order effects. Mistral planned to launch its first text-based generative AI models in 2024, starting with Mistral 7B, which later outperformed larger rivals despite fewer parameters. This seed round propelled rapid growth, leading to a December 2023 Series A of $415 million (€385 million) at $2.1 billion valuation led by Andreessen Horowitz (a16z), with Lightspeed and others participating. Subsequent rounds included a February 2024 extension and June 2024 Series B of $640 million (€600 million) at $6.2 billion led by General Catalyst. Lightspeed continued investing in later rounds like Series C. |
Who has invested in Mistral AI?
30 investors have backed Mistral AI across its funding rounds, including General Catalyst, Lightspeed Venture Partners, Andreessen Horowitz, DST Global, Bpifrance and Index Ventures.
Lead investors include Samsung, ASML, DST Global, General Catalyst, Microsoft and 2 other investors.
Mistral AI Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Dec 2023 | ||
| 4 | Lead | Jun 2023 | ||
| 3 | Lead | Dec 2023 | ||
| 3 | Lead | Jun 2024 | ||
| 2 | Participant | Sep 2025 | ||
| 2 | Participant | Sep 2025 | ||
| 2 | Participant | Sep 2025 | ||
| 2 | Lead | Sep 2025 | ||
| 2 | Participant | Sep 2025 | ||
| 1 | Lead | Sep 2026 | ||
| 1 | Participant | Sep 2026 | ||
| 1 | Participant | Dec 2023 | ||
| 1 | Participant | Dec 2023 | ||
This data is available for Pro users. Sign up to see all 30 Mistral AI investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Mistral AI
Mistral AI has acquired 2 companies to date.
Last acquisition by Mistral AI was on May 18th 2026. Mistral AI acquired Emmi AI for undisclosed valuation.
Latest Acquisitions by Mistral AI
| Description | Emmi AI is a physics-informed artificial intelligence company headquartered in Tel Aviv. The startup accelerates industrial engineering by replacing slow simulations with AI models for manufacturing processes, aerodynamics, and structural analysis in sectors like aerospace and automotive design. | Koyeb is a Paris-headquartered serverless platform enabling global deployment of web apps, APIs, AI workloads, and event-driven services on GPU, accelerator, and CPU infrastructure. Founded in 2019 by cloud veterans including ex-Docker engineers, it eliminates server management to slash deployment times and operational overhead for developers and businesses. Koyeb handles scaling across clouds with developer-friendly interfaces for high-performance computing tasks. |
| HQ Country | ||
| HQ City | Linz | Paris |
| Deal Date | 18 May 2026 | 17 Feb 2026 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Mistral AI acquisitions and their M&A valuation multiples. Start Free Trial | ||
Mistral AI Competitors
Mistral AI competitors include listed companies like Presight AI and Snowflake, and private ones like DeepSeek, OpenAI, Anthropic and Safe Superintelligence.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $50B | - | ||
| Private | $25B | - | $852B | 34.1x | ||
| Private | $47B | - | $965B | 20.5x | ||
| Private | - | - | $32B | - | ||
| Publicly listed | $825M | $214M | $5.7B | 5.4x | ||
| Publicly listed | $4.7B | ($1.3B) | $119B | 21.0x |
Mistral AI Public Comps
Mistral AI is still privately-owned, but its public comps include Baidu, IonQ, Range Intelligent, Tempus AI, iFlytek, MiniMax Group, UiPath, SenseTime Group, Presight AI and Z.ai.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $19B | $3.3B | 1.3x | 1.4x | 7.8x | 8.0x | |||
| $130M | ($531M) | 109.9x | 40.3x | (26.9x) | (39.1x) | |||
| $846M | $803M | 20.7x | 16.0x | 21.9x | 19.7x | |||
| $1.3B | ($131M) | 12.0x | 10.1x | (116.0x) | 346.0x | |||
| $4B | $465M | 3.7x | 3.4x | 31.7x | 40.6x | |||
| $79M | ($1.9B) | 131.8x | - | (5.5x) | - | |||
| $1.6B | $70M | 3.7x | 3.5x | 85.8x | 13.7x | |||
| $748M | ($70M) | 6.9x | 5.8x | (73.5x) | 113.7x | |||
This data is available for Pro users. Sign up to see all Mistral AI competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Mistral AI
| When was Mistral AI founded? | Mistral AI was founded in 2023. |
| Where is Mistral AI headquartered? | Mistral AI is headquartered in Paris, France. |
| Is Mistral AI publicly listed? | No, Mistral AI is a private, VC-backed company. |
| What is Mistral AI's valuation? | Mistral AI was last valued at $24B in its Series D in September 2026. |
| How much funding has Mistral AI raised? | Mistral AI has raised $6.7B across 6 funding rounds. |
| What was Mistral AI's last funding round? | Mistral AI's last funding round was a $3.5B Series D in September 2026, led by Samsung. |
| Who are Mistral AI's investors? | Mistral AI's investors include General Catalyst, Lightspeed Venture Partners, Andreessen Horowitz, DST Global, NVIDIA, Index Ventures, Bpifrance, ASML, PSG Equity, Samsung and 20 others. |
| What is Mistral AI's revenue? | Mistral AI's latest recorded revenue is $400M (September 2025). |
| What is Mistral AI's revenue multiple? | Mistral AI's latest valuation implies a 34.3x revenue multiple ($14B valuation on $400M of revenue). |
| Which companies are comparable to Mistral AI? | Companies comparable to Mistral AI include DeepSeek, OpenAI, Anthropic, Safe Superintelligence, Presight AI and Snowflake. |
| How many companies has Mistral AI acquired? | Mistral AI has acquired 2 companies, including Emmi AI and Koyeb. |
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