Paris, France – Mistral AI, the French developer of large language models and the Le Chat chatbot, has secured €1.7 billion (approximately $2 billion) in a Series C funding round, elevating its valuation to €11.7 billion (approximately $13.8 billion). The financing, announced September 9, 2025, was led by Dutch semiconductor manufacturing equipment supplier ASML, which also invested €1.3 billion (approximately $1.5 billion) and formed a strategic partnership with the AI firm.
This latest capital injection marks a substantial increase from Mistral AI's June 2024 valuation of $6 billion. The strategic partnership with ASML aims to explore the integration of Mistral AI's models across ASML's product portfolio, research, development, and operational functions, according to statements from ASML. Existing investors, including DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed, and NVIDIA, also participated in the round.
Mistral AI positions itself as a leading independent AI laboratory, developing foundational models such as Mistral Large 2, Pixtral Large for multimodal applications, and specialized models like Devstral for coding. The company's enterprise offerings, including the Mistral Agents API released in May 2025 and a revamped Connectors directory unveiled in September 2025, facilitate integrations with enterprise tools like Asana, Atlassian, and Google Drive, enhancing AI application in business workflows. Mistral's commitment to "put frontier AI in the hands of everyone" includes a mix of open-source and commercially licensed models.
Beyond the ASML collaboration, Mistral AI has established several industrial and strategic partnerships. These include agreements with shipping giant CMA CGM, German defense tech startup Helsing, IBM, Orange, and Stellantis, focusing on leveraging AI for enhanced customer experience, vehicle development, and manufacturing. The company also announced plans to launch Mistral Compute, a European AI platform powered by Nvidia processors, in 2026, an initiative praised by French President Emmanuel Macron for its potential impact on European technology infrastructure. CEO Arthur Mensch has indicated that an initial public offering is the company's long-term objective, stating in January 2025 that the firm is "not for sale."
