· Venture Capital Tracker · investment-strategies · 4 min read
Mistral Closed €3B Series D at €21B+ — Samsung Led; June €20B Was Talks
Mistral announced a €3 billion (~$3.5B) Series D on September 8, 2026 at a post-money of more than €21 billion. Samsung Electronics led. Scaleup Europe Fund (EQT) and PSG Equity co-led. June Bloomberg/TechCrunch copy was talks at about €20 billion. ARR was not in the company post. Samsung’s cheque size was not disclosed.
VCT data record
Funding event facts
Source-backed financing and transaction details. Unknown terms remain undisclosed rather than estimated.
Mistral raises €3B Series D led by Samsung Electronics
Company post. Post-money more than €21B. Scaleup Europe Fund (EQT) and PSG Equity co-led. ARR not disclosed. Samsung cheque size not disclosed. USD ~$3.5B uses Bloomberg’s June €3B = $3.5B print.
- Event type
- Funding Round
- Event date
- Sep 8, 2026
- Stage / label
- Series D
- Amount
- €3B (~$3.5B)
- Valuation
- €21B+
- Confidence
- Company Disclosed
Company / target: Mistral AI
Lead: Samsung Electronics , Scaleup Europe Fund , PSG Equity
Participants: Andreessen Horowitz , General Catalyst , NVIDIA , ASML , Index Ventures
Sources: mistral.ai
Mistral AI closed a €3 billion (~$3.5 billion) Series D on September 8, 2026. The company put the post-money at more than €21 billion. Samsung Electronics led. Scaleup Europe Fund (managed by EQT) and existing investor PSG Equity co-led. The number that will get copied wrong is last June’s talks print — Bloomberg and TechCrunch had about €3 billion at about €20 billion, people familiar, terms subject to change. This is a company close, not those talks. ARR was not disclosed. Samsung’s cheque size was not disclosed. Last verified September 8, 2026. Source: Mistral. USD uses Bloomberg’s June print of €3 billion as $3.5 billion; the company post does not restate dollars.
This is mistral.ai (Paris; founded 2023). It is not Mistral Data, Mistral Kitchen, or a Hugging Face acquisition. There is no /fund/ page for Samsung, EQT’s Scaleup Europe Fund, or PSG. Returning names we do cover: a16z, General Catalyst, Index, Lightspeed.
Five-minute decision
| If you need… | Verdict |
|---|---|
| What happened | Funded. €3B Series D, Sep 8. Samsung led. Scaleup Europe Fund + PSG co-led. |
| Talks vs close | Closed. June Bloomberg/TC €20B was talks. Company mark is €21B+, not an exact figure. |
| Prior mark | Series C €1.7B at €11.7B (Sep 9, 2025, ASML). About 1.8× in twelve months if you take €21B as the floor. |
| Traction | Company: 125+ enterprises, 20 countries, Airbus / ASML / HSBC. No ARR. |
| Whether to diligence | Yes, if you underwrite a European open-weight lab that just doubled the 2025 mark. No, if you need revenue or Samsung’s line item. |
Investigate further when: you can live with a sovereign-AI equity round whose customer proof is named logos, not a P&L.
Wait or pass when: you need ARR, the Samsung split, or a conversion of the €21B+ floor into an exact post-money.
What closed
| Field | Detail |
|---|---|
| Company | Mistral AI (mistral.ai); Paris; founded 2023; CEO Arthur Mensch |
| Round | €3B Series D · Sep 8, 2026 · USD ~$3.5B (Bloomberg June FX print) |
| Post-money | More than €21B (company). Not an exact mark. ~$24.5B+ at the same FX. |
| Lead | Samsung Electronics. Cheque unknown. No /fund/ page. |
| Co-leads | Scaleup Europe Fund (EQT); PSG Equity (existing). No /fund/ pages. |
| New names | Advent; BlackRock funds and accounts; Grand Duchy of Luxembourg |
| Returning | a16z, ASML, Belfius, BNP Paribas CIB, Bpifrance, Carmignac, DST Global, Eurazeo, General Catalyst, Headline, Hillspire, Index Ventures, Korelya Capital, Lightspeed, NVIDIA, Phoenix Court Solar (LocalGlobe / Latitude / Solar), Salesforce Ventures |
| Prior priced stack | ~€385M Series A, Dec 2023 (a16z co-lead). €600M Series B, Jun 2024 (GC lead). €1.7B Series C, Sep 2025 (ASML lead, €11.7B post). |
| Not this round | $830M debt (Mar 2026, Paris-area datacenter). July Microsoft compute commitment. |
Company claim: “largest equity fundraising round ever completed by a European technology company.” That is Mistral’s sentence, not a ranking we independently checked. Do not repeat it as a Tracker fact.
€3B close vs the €20B talks
Bloomberg, June 12: people familiar said Mistral was in talks for around €3 billion at roughly €20 billion; “terms may change”; valuation “may go higher.” TechCrunch the same day repeated the rumor. US search for “mistral funding” still surfaces those talks. The September 8 post is the conversion: amount held at €3 billion, mark printed as more than €21 billion.
Dealroom, citing the FT during the talks, had Samsung at about €1 billion. The close post does not confirm that line. Do not write it as funded.
Equity vs debt vs Microsoft
The March $830 million debt is project finance for compute, not this Series D. Adding €3 billion and $830 million into a “total raise” mixes equity and debt. The older sovereignty stack page counted €1.7B + $830M as roughly $3.1B. That arithmetic is stale; it predates this close and still omits Series A/B.
Nvidia is a returning Mistral shareholder on this round and, the same week, the agreed buyer of Hugging Face at $12.93 billion (not closed). Do not collapse those into one Nvidia cheque.
What remains undisclosed
No ARR, revenue growth, or take rate. No Samsung / Scaleup / PSG split. No primary vs secondary. No exact post-money above the €21 billion floor. No USD figure in the company post. Do not invent /fund/ pages for Samsung, EQT Scaleup Europe Fund, PSG, ASML, DST, or Salesforce Ventures.
Related: Mistral entity · September 8 tape · March debt · Hugging Face / Nvidia · September hub.
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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.
