Who is betting on what in AI, and against whom.
What it does
Mistral is Europe's open-weight frontier lab. ASML led its €1.7B Series C in September 2025 and took an 11% stake, valuing the company at €11.7B.
Camp membership over time
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dates not recordedScale next-token predictionSources CNBC 2025-09-09
Capital
| Amount | Kind | Valuation | Date | Investors | Source |
|---|---|---|---|---|---|
| $113M | seed | $260M post-money | Jun 2023 | Lightspeed €105M. | TechCrunch |
| $415M | Series A | $2B post-money | Dec 2023 | Andreessen Horowitz, Lightspeed €385M. | TechCrunch |
| $640M | Series B | $6.20B post-money | Jun 2024 | General Catalyst €600M at €5.8B. | TechCrunch |
| $2B | Series C | $13.80B post-money | Sep 2025 | ASML €1.7B at €11.7B post-money; ASML contributed €1.3B for about 11%. | CNBC, Mistral AI |
