French AI startup Mistral AI seeks new funding at a valuation nearly double its September round, targeting €3bn from investors.
Mistral AI is negotiating a €3bn ($3.5bn) funding round at a potential €20bn ($23.2bn) valuation, sources said. Discussions remain preliminary, with terms subject to change based on investor demand.
The company last raised funds in September at an €11.7bn valuation, with ASML investing €1.3bn for an 11% stake. Mistral, founded in 2023, positions itself as a European rival to US and Chinese AI firms, focusing on open-source models and cloud infrastructure.
Mistral has secured partnerships with Airbus and BMW but trails competitors like OpenAI and Anthropic in adoption among businesses and consumers.