Mistral, the Paris‑based AI scaleup, is in early talks to pull in €3 billion at a €20 billion valuation. The funding would lift the company’s total capital haul to €6.5 billion, matching the €1.7 billion Series C raised last year.

The deal follows a €830 million debt round that funded the first phase of the company’s data‑centre buildout. Mistral plans to scale its own AI infrastructure, dubbed Mistral Compute, to 1 GW of capacity by 2030.

Paris‑born Mistral competes with OpenAI, Anthropic and fast‑growing Chinese rivals. Its €1.3 billion Series C lead came from ASML, a Dutch semiconductor‑equipment giant, underscoring strong European backing.

If the round closes, Mistral will solidify its position as Europe’s flagship AI challenger, but it remains far smaller than the $965 billion‑post‑money valuation of Anthropic or the $852 billion of OpenAI.