Dutch chipmaker ASML reportedly became the largest shareholder in French startup Mistral AI after leading a €1.7 billion Series C funding round.
According to sources speaking to Reuters, ASML committed €1.3 billion to Mistral’s latest fundraise, giving the AI player a pre-money valuation of €10 billion. The move is also expected to secure ASML a seat on Mistral’s board, the sources said.
The investment appears part of a broader push to strengthen European technological sovereignty and reduce reliance on US and Chinese AI systems.
While both companies declined to comment, sources indicated Bank of America advised ASML on the investment.
Founded in 2023, Mistral has become a leading European player in AI, competing with giants including OpenAI and Google. The company is backed by Nvidia and reportedly raised €600 million in a funding round led by investment company General Catalyst last year, which valued it at around €6 billion.
ASML manufactures lithography equipment essential for advanced chip production, supplying to manufacturers including Taiwan Semiconductor Manufacturing Company (TSMC).
The latest reports come after Mistral was reported to be seeking up to $1 billion in fresh capital from investors including Abu Dhabi-based investment company MGX in July, at a $10 billion valuation.