Mistral AI logo is displayed on a mobile phone screen.
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Nvidia-backed Mistral AI clinched a 11.7 billion-euro ($13.8 billion) valuation in a in a Series C funding round that saw Dutch chip equipment maker ASML secure a major stake in the French firm.
ASML pumped 1.3 billion euros in Mistral AI’s 1.7 billion-euro funding round as lead investor, gaining a 11% shareholding in the French company on a fully diluted basis.
The investment round, which was previously reported by Reuters, more than doubles Mistral’s 5.8-billion-euro valuation achieved during a 600-million-euro funding round last year, as swathes of cash continue to pour into the booming AI industry. The fundraising round turns ASML into one of Mistral’s top shareholders.
Mistral, one of Europe’s most competitive tech startups and widely seen as a regional rival of Sam Altman’s OpenAI, has been building large language models that form the foundation of AI applications, such as chatbots. AI firms frequently require vast amounts of investments in infrastructure to support this development.
At the start of summer, Mistral CEO Arthur Mensch told CNBC’s Arjun Kharpal during London Tech Week that the company is launching its first reasoning model — touted as “great at mathematics [and] great at coding” — to compete with OpenAI and China’s DeepSeek.
This breaking news story is being updated.