Mistral raises record 3 billion euros in Samsung-led round at over 21 billion euro valuation

[SINGAPORE] French artificial intelligence startup Mistral has raised three billion euros (US$3.5 billion) in a Series D funding round, valuing the three-year-old company at more than 21 billion euros.

The Series D, announced on Tuesday (Sep 8), is the largest equity fundraising round completed by a European technology company, said Mistral.

Samsung Electronics led the round, with the Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity as co-leads.

New investors include funds and accounts managed by BlackRock and Luxembourg. Existing backers such as ASML and Nvidia also participated.

The funds will be used to expand Mistral’s frontier AI research, as well as scale compute capacity for training AI models. Infrastructure expansion and commercial and geographical growth will also be fuelled by the capital injection.

Mistral currently operates in 20 countries, including Singapore, where it opened an office in January 2025. The startup plans to treble its headcount in Singapore as it chases growth in South-east Asia.

Globally, Mistral supports more than 125 enterprises in their AI transformation.

“This round means we can move faster on R&D, products, infrastructure and keep giving organisations the ability to run AI at scale, on their own terms,” said Arthur Mensch, co-founder and CEO of Mistral.

Samsung Electronics’ investment comes after a Series C round led by Dutch semiconductor player ASML.

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“We believe that the combination of ambition and execution puts Mistral in a strong position to shape the next era of AI”, said Kirk Lepke, partner at EQT and Scaleup Europe Fund.