Microsoft · Palantir · Mistral · OpenAI · Nvidia · France · TechCrunch AI
Anyone who judges Mistral by how close it is to becoming ‘the OpenAI from Europe’ is in for disappointment
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On the other hand, casual observers tend to miss that the French decacorn is following the Palantir playbook, with forward-deployed engineers that help governments and large corporations adopt AI and tailor it for their use cases.
Key facts
- In September 2025, Mistral closed a €1.7 billion Series C round (about $2 billion) led by ASML at a €11.7 billion valuation (approximately $13.8 billion), with participation from existing backers DST
- Six months later, Mistral closed a €385 million Series A ($415 million at the time), at a reported valuation of $2 billion
- But its revenues have also ramped up; in February, it disclosed that its annual recurring revenue was now above $400 million, up from $20 million one year earlier, and claimed it was on track
- In June 2024, Mistral raised €600 million (about $640 million) in a mix of equity and debt
Summary
Following the Trump directive that led Anthropic to pull its latest AI models offline and growing calls for sovereign tech that reduces reliance on the U.S., Mistral AI has been caught in a whirlwind of attention. Anyone who judges Mistral by how close it is to becoming ‘the OpenAI from Europe’ is in for disappointment. This approach is also better suited for Mistral’s means. This has helped Mistral gain a seat at the table in places like Davos, and even in rooms where tech CEOs have a hard time getting their message across, such as the French Parliament.