---
title: "Mistral Closed €3B Series D at €21B+ — Samsung Led; June €20B Was Talks"
description: "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."
date: 2026-09-08T00:00:00.000Z
tags: ["2026-vc-news", "startup-funding", "venture-capital", "artificial-intelligence", "europe-vc", "market-analysis"]
source: https://venturecapitaltracker.com/2026-mistral-3b-series-d-samsung-eqt
---

# 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.

**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](https://mistral.ai/news/mistral-makes-sovereign-open-weight-ai-to-frontier/). USD uses Bloomberg’s June print of **€3 billion as $3.5 billion**; the company post does not restate dollars.

This is [mistral.ai](https://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](/fund/andreessen-horowitz), [General Catalyst](/fund/general-catalyst), [Index](/fund/index-ventures), [Lightspeed](/fund/lightspeed-venture-partners-nyc).

## 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](/startup/mistral-ai) ([mistral.ai](https://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](https://www.bloomberg.com/news/articles/2026-06-12/france-s-mistral-in-funding-talks-at-about-20-billion-valuation): 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](https://techcrunch.com/2026/06/12/mistral-is-rumored-to-be-raising-e3b-at-e20-valuation/) 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](/2026-mistral-830m-debt-datacenter) 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](/2026-mistral-ai-eu-sovereignty-paris-datacenter) 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](/2026-nvidia-hugging-face-12-9b-acquisition) (**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](/startup/mistral-ai) · [September 8 tape](/2026-september-8-investment-news-mistral-series-d) · [March debt](/2026-mistral-830m-debt-datacenter) · [Hugging Face / Nvidia](/2026-nvidia-hugging-face-12-9b-acquisition) · [September hub](/2026-september-vc-news).

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 8, 2026

**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.