Mistral raises $3.48B at $24.4B, the largest equity round ever for a European tech company

Mistral closed a €3B Series D on September 8 at a €21B post-money valuation, led by Samsung Electronics with EQT's Scaleup Europe Fund and existing investor PSG Equity co-leading; a16z, Nvidia and Salesforce Ventures reinvested and Advent, BlackRock and the Grand Duchy of Luxembourg joined. The round funds sovereign compute and open-weight frontier models. For builders in Europe it means a well-capitalized open-weight alternative to the US labs with government customers behind it.