Mistral AI, a France-based AI startup, is in early talks to raise about 3 billion euros (US$3.47 billion) at a roughly 20 billion euros (US$23.1 billion) valuation, according to unnamed sources.

If completed, the round would be a sharp jump from the 11.7 billion euros (US$13.5 billion) post-money valuation in its September 2025 series C.

That round raised 1.7 billion euros (US$1.97 billion). It was led by ASML Holding and included DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed, and Nvidia.

ASML also contributed 1.3 billion euros (US$1.5 billion) for an 11% fully diluted stake.

Since then, Mistral has listed coding models such as Codestral and Devstral 2, voice products including Voxtral TTS and transcription models, and optical character recognition products such as OCR 3 and Mistral OCR.

Mistral also raised US$830 million in debt in March 2026 to build a data center near Paris. The facility is designed for 13,800 Nvidia GB300 graphics processing units and 44 megawatts of capacity.

🔗 Source: TechCrunch

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