South Korean conglomerate Samsung is in talks to invest up to €1bn in French AI startup Mistral, as part of the company’s ongoing fundraising round, according to reports. The discussions are ongoing and terms could still shift, with one source confirming Samsung’s interest to Sifted. Mistral declined to comment and Samsung did not immediately reply.

Mistral is reportedly raising a €3bn Series D at a €20bn valuation. The Financial Times cites people familiar with the matter saying Samsung is discussing a major investment. Swedish firm EQT is also in talks to lead or co-lead the round via the Scaleup Europe Fund, a €5bn EU‑backed pool aimed at addressing Europe’s late‑stage capital gap.

Mistral, launched in 2023 to offer a European alternative to US foundational model providers, competes with OpenAI, Anthropic, and fast‑growing Chinese AI players. It has raised over $3.5bn in debt and equity to date, including a €1.7bn Series C led by ASML last year. A Samsung investment would give Mistral strategic access to memory chips, crucial for AI model training, echoing similar moves like Micron’s stake in Anthropic.