Paris-based generative AI startup Mistral AI announced Tuesday it has nearly doubled its valuation to over $24 billion with a $3.5 billion Series D funding round. Samsung Electronics led the round, with participation from co-leads ScaleUp Europe Fund, managed by EQT, and existing investor PSG Equity. This financing comes about a year after Mistral's $2 billion Series C, which valued the company at $13.7 billion. To date, Mistral has raised $7.5 billion since its 2023 inception.

The new capital will significantly expand Mistral's frontier research and help accelerate its commercial growth and international footprint. The company currently operates across 20 countries and serves more than 125 global enterprises, including Airbus, BMW, and HSBC. Mistral builds AI models for tasks like generating text, writing code, and analyzing documents, competing with U.S. firms such as OpenAI, Anthropic, and Google. However, Mistral differentiates itself by offering businesses greater control through customizable models that can run on their own systems.

This funding round marks a milestone for European venture funding. In Q2, Europe posted its strongest quarter for venture funding in four years, with startups raising $24 billion—up a third quarter-over-quarter and two-thirds higher than the $14.4 billion raised in Q2 2025. Mistral's Series D is the largest venture round ever raised by a European AI company, eclipsing its own previous record. Other notable AI deals in Europe this year include London-based Google spinoff Isomorphic Labs, which raised a $2.1 billion Series B in May led by Thrive Capital, and AI data center provider Nscale, which raised a $2 billion Series C at a $14.6 billion valuation in March, co-led by 8090 Industries and Aker.