French startup Mistral AI has secured USD 2bn (EUR 1.7bn) in a Series C round, bringing its valuation to USD 13.8bn, the company announced on September 9, 2025.
The round was led by ASML Holding NV, the Dutch semiconductor equipment maker, which invested USD 1.5bn, with participation from existing investors including DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed, and NVIDIA.
“This investment fuels our scientific research to keep pushing the frontier of AI,” Mistral said in its announcement.
ASML added that partnering with Mistral “will allow both companies to innovate faster together.”
Founded in 2023 by former Meta and Google researchers, Mistral has quickly positioned itself as one of Europe’s most prominent AI startups. The company stressed that the new funding “reaffirms the company’s independence” and reflects growing confidence in Europe’s ability to build competitive AI ecosystems outside the U.S.
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Mistral has gained recognition for its open-weight and commercially licensed models, which combine transparency with proprietary control and give the option of on-premise or private deployment.
Its models have shown competitive performance in AI translation, with Mistral-Medium recently achieving top-10 rankings for some language pairs in the WMT25 preliminary evaluation.
The company has also strengthened its regional language capabilities with Mistral Saba, a model optimized for Middle Eastern and South Asian languages.
In addition, Mistral has expanded into document and speech processing. Mistral OCR enables high-speed, layout-preserving text extraction from scanned documents, while Mistral Document AI adds annotation and structured data extraction. On the speech side, Voxtral powers multilingual AI speech translation and transcription for long-form audio.