French AI lab Mistral AI is in early discussions to raise approximately €3 billion at a valuation of around €20 billion, according to Bloomberg, nearly double the €11.7 billion valuation the company achieved in its Series C round last September.
Founded in 2023, Mistral has differentiated itself from American rivals through an open-weights model strategy and a positioning as a sovereign European alternative to US AI infrastructure. The company is building a data center near Paris and has secured partnerships with the French army, the government of Luxembourg, and chip manufacturer ASML.
The prospective raise would still leave Mistral significantly behind OpenAI and Anthropic, which have raised $186 billion and $161 billion respectively, reflecting the continued dominance of American frontier AI labs in revenue and enterprise adoption.
