Mistral AI has raised 3 billion euros in a Series D funding round, led by Samsung Electronics, with the Scaleup Europe Fund managed by EQT and PSG Equity as co-leaders. Additional investors include Advent, BlackRock, the Grand Duchy of Luxembourg, and existing investors such as ASML, Bpifrance, Nvidia, a16z, General Catalyst, Index Ventures, Lightspeed, and Salesforce Ventures. The funding brings Mistral's post-money valuation to over 21 billion euros, marking the largest fundraising ever by a European private technology company. This follows a Series C round of 1.7 billion euros in 2024, which valued the company at 11.7 billion euros. The new capital will be used to develop a comprehensive stack combining research, software, deployment, and computing capacity. Mistral's business model has evolved since its launch in 2023, when it focused on training high-performance models and providing them for use by developers and companies. The company has since expanded its offerings to include APIs, documentation tools, code solutions, agents, and environments that allow companies to build their own applications. Mistral Compute, launched in June 2025, provides GPUs, bare metal servers, orchestration, APIs, and managed services, enabling customers to run Mistral's models and other workloads on infrastructure directly provided by the company. Mistral has also begun to develop its own infrastructure, including a site in Bruyères-le-Châtel, south of Paris, equipped with 13,800 Nvidia GB300 GPUs. The company aims to have 200 MW of computing capacity in Europe by 2027 and up to 1 GW by 2030. This infrastructure will be used for both model training and inference services for customers. The funding round also highlights Mistral's growing ties with industrial partners, including ASML, which had previously invested 1.3 billion euros in the Series C round, and Samsung, which has joined as a new investor. These partnerships are expected to provide Mistral with industrial use cases, market access, and proximity to hardware layers. Mistral faces increasing competition in multiple areas, including open models from companies like DeepSeek and Alibaba's Qwen family, as well as enterprise platforms from Azure, AWS, and Google Cloud, and computing services from hyperscalers and European operators. The company's strategy involves building a comprehensive stack that allows organizations to choose their models, personalize them, and obtain guaranteed capacity without rebuilding entire infrastructures. Mistral's ability to secure long-term commitments from industrialists, banks, and administrations will be crucial for the success of its infrastructure investments. The company has more than 125 major customer companies in twenty countries, including Airbus, ASML, and HSBC, but has not disclosed its current annual recurring revenue (ARR) or revenue figures. According to Reuters, Mistral aims for about 1 billion dollars of annual recurring revenue by the end of 2026.