🏆 Deal of the Month · September 2025
Mistral AI raised USD 1.7 billion in a Series C round at a valuation of USD 13.7 billion. The round was led by ASML Holding NV, with participation from existing investors. This deal was recognised as Venionaire DealMatrix's Deal of the Month for September 2025.
Mistral AI — key deal facts
| Company | Mistral AI |
| Founded | 2023 |
| Headquarters | Paris, France |
| Amount raised | USD 1.7m |
| Valuation | USD 13.7b |
| Round | Series C |
| Investors | Led by ASML Holding NV, and existing investors including DST Global, Andreessen Horowitz and Bpifrance |
| Sectors | Artificial Intelligence |
Who invested in Mistral AI?
The round was led by ASML Holding NV, a strategic participant from the semiconductor and deep-tech ecosystem, alongside existing backers DST Global, Andreessen Horowitz, and Bpifrance. The presence of ASML — a rare industrial-technology lead in a pure AI round — signals growing convergence between hardware infrastructure and frontier AI development. Bpifrance's continued participation underscores sustained French and European institutional support for Mistral as a homegrown AI champion.
What does Mistral AI do?
Mistral AI is a French artificial intelligence company founded in April 2023 and headquartered in Paris, France. The company was co-founded by Arthur Mensch (CEO), Guillaume Lample, and Timothée Lacroix, all formerly of leading AI research institutions. Mistral develops large language models for enterprises and developers, offering open-weight models such as Mistral Small 4 and Codestral, as well as commercial frontier models including Mistral Large 3 and the consumer-facing AI assistant Le Chat. By 2024, Mistral had become the largest AI startup in Europe by valuation.
Mistral AI valuation & multiples
No multiples analysis data was provided for this deal. As verified revenue and EBITDA figures are not available in the current dataset, EV/Sales and EV/EBITDA ranges cannot be calculated at this time. For sector-level benchmarks applicable to Artificial Intelligence companies, visit the relevant sector multiples pages on DealMatrix.
Explore the benchmarks: Series C.
Frequently asked questions
How much did Mistral AI raise in its Series C?
Mistral AI raised USD 1.7 billion in its Series C round, recognised as Deal of the Month for September 2025.
What is Mistral AI's valuation?
Mistral AI's valuation at the time of its Series C was USD 13.7 billion.
Who invested in Mistral AI?
The Series C was led by ASML Holding NV, with existing investors DST Global, Andreessen Horowitz, and Bpifrance also participating.
When was Mistral AI founded and where is it based?
Mistral AI was founded in April 2023 and is headquartered in Paris, France.
Source: original announcement — read the full report.