French artificial intelligence company Mistral has raised €3 billion in a new funding round, valuing the company at more than €21 billion as it increases investment in AI model development, computing infrastructure and frontier research. The Mistral Funding Round was announced on 8 September 2026 and was jointly led by existing investor PSG Equity, Samsung Electronics and the EU-backed Scaleup Europe Fund. Samsung Electronics and the Scaleup Europe Fund are new investors in the company.
The Mistral Funding Round gives the company additional capital to develop its models and invest in frontier research as it expands its business internationally. Mistral has more than 125 customers, while its customer base is becoming increasingly diverse geographically, with growth in Asia and North America.
Mistral Expands Investment in AI Development
The Mistral Funding Round increases the resources available to the French company as it continues to compete in the expanding AI market. Mistral has focused on open models that customers can download and customise on their own infrastructure.
The company said the new capital will support model development and frontier research. Chief Financial Officer Johan Bergqvist also told Reuters that Mistral is on track to reach $1 billion in annual recurring revenue by the end of 2026. That figure is a target and does not represent revenue already achieved.
The latest transaction follows Mistral’s €1.7 billion Series C funding round in September 2025, which valued the company at €11.7 billion. The latest Mistral Funding Round therefore represents a substantial increase in the company’s valuation within a year.
Financing Strengthens European AI Ambitions
The investor group behind the new financing spans technology and financial institutions from different regions. Samsung Electronics’ participation adds a major new strategic investor from South Korea, while the Scaleup Europe Fund provides backing from the European technology ecosystem.
The Mistral Funding Round also comes as the company continues to expand its international customer base. Mistral has said its client base is becoming more geographically diverse, particularly across Asia and North America, while its open models can be deployed on customers’ own servers.
Microsoft, which agreed in July to spend billions of dollars on Mistral’s European computing infrastructure, did not participate in the latest financing, according to Bergqvist. He also said an initial public offering remains an option for Mistral, but that the timing is uncertain and there are currently no ongoing discussions around a listing.
