Mistral AI raises 1.7 billion and becomes the first French decacorn

If the world of artificial intelligences seems dominated by American titans, a small storm is blowing from Paris. Mistral AI, a start-up born barely two years ago, has just risen to the rank of French decacorn. Thanks to a record fundraising of 1.7 billion euros, it now reaches a valuation of 11.7 billion. But the path remains strewn with pitfalls, and the American giants from OpenAI to Google look like colossi blocking the horizon.

A fundraising that places Mistral AI among the big players

Mistral AI, a Mistral start-up that showed a valuation of 6 billion dollars in June 2024, establishes itself as one of the French Tech success stories. Founded by former researchers from Meta and DeepMind, the start-up chose an open-source approach for its generative AI models. This 1.7 billion euro fundraising in series C marks a turning point: the company joins the exclusive club of decacorns, valued at 11.7 billion euros.

The investors are prestigious: DST Global, Andreessen Horowitz, Nvidia, Bpifrance. But the major role goes to ASML, the Dutch semiconductor giant, which injects 1.3 billion and takes 11% of the capital. The operation also gives ASML a strategic seat. 

For Christophe Fouquet, CEO of ASML: 

The collaboration between Mistral AI and ASML aims to generate clear benefits for ASML’s customers through innovative products and AI-enabled solutions, and will offer joint research potential to tackle future opportunities.

But the contrast with the United States remains striking. Where Anthropic has raised 13 billion dollars and OpenAI aims for valuations close to 500 billion, Europe is lagging behind. Mario Draghi, in a recent report, already mentioned the need for 800 billion euros per year to avoid a lasting technological gap.

ASML and Mistral: a European alliance at the heart of technological sovereignty

The arrival of ASML in Mistral’s capital changes the game. A global specialist in lithography for semiconductors, the Dutch company offers more than funding: an industrial guarantee. For Arthur Mensch, CEO of Mistral AI: 

This investment unites two technological leaders operating in the same value chain. We have the ambition to help ASML and its numerous partners solve current and future engineering challenges through AI, and ultimately advance the entire semiconductor and AI value chain. 

This alliance aims to integrate Mistral’s models directly into ASML’s machines and processes. Enough to accelerate the time to market of new generations of semiconductors and strengthen Europe’s competitiveness. 

The two companies position themselves as a strategic duo, against the buyouts of European start-ups by American players, like AMD’s acquisition of Silo AI.

This partnership takes place in a tense geopolitical context. ASML is already caught between the fires of American restrictions and Chinese pressures. Betting on Mistral is also Europe affirming a will: to build an independent AI champion capable of standing up to foreign empires.

A credible alternative for a sovereign and open AI

Mistral doesn’t just want to raise billions, it wants to change the game. Its models focus on lightness and sobriety: less computationally demanding, therefore more accessible. This strategy has already attracted major clients like Orange, BNP Paribas, Cisco, Stellantis, CMA CGM (which signed a 100 million partnership), but also AXA and Veolia. 

The company aims for 100 million dollars in annual revenue by 2025, proof that commercial traction exists.

Independence is a leitmotif. While rumors of a buyout by Apple circulated as recently as this summer, Mistral chose a European and not American partner. The goal is clear: to prevent data and innovations in artificial intelligence from being sucked up by Silicon Valley giants.

Some key figures to remember

• 1.7 billion euros raised in September 2025;
• 11.7 billion euros valuation: first French AI decacorn;
• 1.3 billion euros invested by ASML, i.e., 11% of the capital;
• 100 million dollars in annual revenues expected in 2025.

With its open-source models, rapid growth, and alliance with ASML, Mistral establishes itself as a symbol of a European digital sovereignty under construction. But the global battle is just beginning.

Artificial intelligence has never attracted so much attention. Last June, a study revealed that AI traffic is exploding. Yet, 80% of visits are captured by ChatGPT. Despite its breakthrough, Mistral must contend with this American heavyweight that still monopolizes the global spotlight.