Company · Frontier labs
Mistral AI revenue, valuation & funding
Mistral AI was valued at more than €21B after its €3B Series D in September 2026. Sacra estimates it reached $400M in annual recurring revenue in January 2026. It's private, and its CEO said in January 2025 that it is working toward an IPO.
At a glance
- Valuation: more than €21B (about $24.39B) after its €3B Series D in September 2026, led by Samsung Electronics.
- Revenue: $400M in annual recurring revenue in January 2026, an estimate by Sacra. Mistral hasn't published its revenue.
- Status: private. No stock ticker. Its CEO said in January 2025 that it is working toward an IPO.
- Founded: April 2023, by Arthur Mensch, Guillaume Lample and Timothée Lacroix.
- CEO: Arthur Mensch.
- Headquarters: Paris, France.
- Investors: Samsung Electronics, ASML, Andreessen Horowitz, Lightspeed, NVIDIA, General Catalyst and Bpifrance, among others.
- Products: the open-weight Mistral Large 4, the Vibe assistant (formerly Le Chat), Studio, Forge and Voxtral 3.
- On Real Alpha: 24 moments of its people talking, from 4 interviews.
Is Mistral AI public? Can you buy its stock?
No. Mistral AI is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol.
Arthur Mensch said at Davos in January 2025 that Mistral is working toward an IPO and is not for sale, as TechCrunch reported. No IPO filing or date has been reported since.
Its shares are held privately. ASML was reported by Reuters in September 2025 to be set to become its top shareholder. This page reports facts and gives no investment advice.
Valuation, round by round
Its post-money valuation went from 11.7B€ at the Series C in September 2025, as Mistral announced, to more than €21B in September 2026.
| Date | Valued at | Raised | Led by | Source |
|---|---|---|---|---|
| Sep 2026 | €21B+ | €3B | Samsung Electronics | Mistral's blog |
| Sep 2025 | 11.7B | 1.7B | ASML Holding NV | Mistral's blog |
| Dec 2023 | — | Unconfirmed | Andreessen Horowitz | Sacra |
| Jun 2023 | — | Unconfirmed | Lightspeed Venture Partners | Sacra |
The 2023 seed and Series A figures come from Sacra and Wikipedia with no primary report, so they aren't confirmed. Sacra's $3.5B raise at $20B in June 2026 isn't confirmed either, since Bloomberg reported only early talks that month.
Revenue
Mistral doesn't publish its results. Sacra estimates it hit $400M in annual recurring revenue in January 2026, up from about $312M in December 2025 and about $16M at the end of 2024.
| Date | Figure | Basis | Source |
|---|---|---|---|
| Jan 2026 | $400M | Estimate | Sacra |
This figure is an analyst's estimate of a run rate, a month's revenue times twelve, and not audited revenue. Sacra says Mistral has publicly targeted over $1B in revenue in 2026.
How Mistral AI makes money
Per Sacra, Mistral earns money from usage-based API spend on La Plateforme and from enterprise subscriptions for private and on-premise deployments. Paid tiers of its assistant add to that.
Sacra estimates that Europe brings in 60% of its revenue. Mistral also gives away the weights of some models, including Mistral Large 4.
- Vibe Pro. $14.99 a month for full access to Vibe, its assistant formerly called Le Chat. Mistral's pricing page
- Team plan. $24.99 per user a month for a shared workspace. Mistral's pricing page
- Workflows. An orchestration layer in Studio, launched in April 2026. Sacra counts it as a source of revenue. Sacra
- Microsoft. In July 2026 Microsoft agreed to spend billions of dollars on Mistral's computing infrastructure in Europe. Mistral models were added to Microsoft Foundry and Copilot Studio. Reuters (via Euronext Live)
- Accenture. A strategic partnership to deploy enterprise AI, announced in February 2026. Terms weren't disclosed. Wikipedia
- NVIDIA. A collaboration on AI-native engineering workflows, announced on October 21, 2026. Mistral's about page
From Mistral AI's interviews
- 1:39 Model commoditization shifts value downstreamArthur Mensch · Big Technology Podcast · Jan 2026
- 1:11:23 Mistral trains enterprise models without moving customer dataArthur Mensch · All-In · Mar 2026
- 15:55 Open models give enterprises control over critical AIArthur Mensch · Big Technology Podcast · Jan 2026
- 45:51 AI systems improve through feedback, not just code fixesArthur Mensch · Big Technology Podcast · Jan 2026
Products
Mistral sells its models through its own apps and platform, and releases many of them as open weights.
It bought Koyeb, a Paris-based AI startup, in February 2026. In May 2026 it announced a deal to buy Emmi AI, an Austrian physics AI company.
- Mistral Large 4 (open weights released October 29, 2026). A 1-trillion-parameter multimodal model, nicknamed Le Chonk, released after a public preview earlier that month. Mistral's blog
- Vibe (renamed from Le Chat at the end of May 2026). Its assistant, which gained new features with the new name. Wikipedia
- Studio (updated November 5, 2026). A platform for building and deploying enterprise agents, workflows and apps. Mistral's about page
- Forge (March 2026). Lets enterprises train and own their own models on-premises, per Sacra. Sacra
- Voxtral 3 (October 20, 2026). For building agents that listen, reason, speak and act. Mistral's about page
- Timestral (October 15, 2026). A 209M-parameter probabilistic forecasting model. Mistral's about page
- Mistral Medium 3.5 (April 2026). Released under a modified MIT license. Wikipedia
- Mistral Small 4 (March 2026). An Apache-2.0 model that accepts text and images. Wikipedia
- Mistral Large 3 (December 2025). A 675-billion-parameter sparse mixture-of-experts model under Apache-2.0. Wikipedia
From Mistral AI's interviews
- 27:28 Mixture-of-experts models trade training complexity for inference capacityPierre Stock · The MAD Podcast · Oct 2026
- 53:35 Mistral trains domain skills with tests, rubrics and simulationsPierre Stock · The MAD Podcast · Oct 2026
- 46:42 RL training depends on calibrated tasks and resilient infrastructurePierre Stock · The MAD Podcast · Oct 2026
- 1:07:40 Open-model guardrails raise the cost of malicious usePierre Stock · The MAD Podcast · Oct 2026
Customers
Mistral sells mostly to governments and large companies. No dated user count has been reported.
- NATO and governments. Its homepage says NATO and 20+ national government entities trust Mistral. Mistral's homepage
- Energy companies. Its homepage says 5 of the world's largest energy companies trust Mistral, and names TotalEnergies. Mistral's homepage
- Airbus and BMW. Sacra reports contracts with both in May 2026 for physical AI. Sacra
From Mistral AI's interviews
- 39:57 AI can automate complex shipping and factory workflowsArthur Mensch · Big Technology Podcast · Jan 2026
- 11:12 Enterprise AI can unlock growth beyond labor savingsArthur Mensch · Big Technology Podcast · Jan 2026
- 6:48 Enterprise AI needs fixed workflows alongside agentsArthur Mensch · Big Technology Podcast · Jan 2026
- 1:14:51 Enterprise agents need data-aware access controlsArthur Mensch · All-In · Mar 2026
Leadership
Wikipedia gives Mistral 1,000+ employees in 2026.
- Arthur Mensch, co-founder and CEO. Time named him to its 100 Most Influential People in AI. Wikipedia
- Guillaume Lample, co-founder and chief scientist. He previously contributed to Meta's open-source LLaMA model. Wikipedia
- Timothée Lacroix, co-founder and CTO. Wikipedia
- Pierre Stock, VP of Science and Mistral's first employee. He leads model releases, including Mistral Large 4.
From Mistral AI's interviews
- 10:28 Mistral’s in-house cluster teams fixed issues in two nightsPierre Stock · The MAD Podcast · Oct 2026
- 1:14:14 Mistral says its models speed senior researchers up two to four timesPierre Stock · The MAD Podcast · Oct 2026
- 1:03:20 A model pinged its trainer from inside a sandboxPierre Stock · The MAD Podcast · Oct 2026
Who owns Mistral AI?
Its founders and investors. As a private company it doesn't publish who holds what, and stakes haven't been disclosed beyond reports on ASML.
- Samsung Electronics led the €3B Series D in September 2026, with Scaleup Europe Fund (managed by EQT) and PSG Equity as co-leads. Mistral's blog
- ASML led the €1.7B Series C in September 2025. Reuters reported it would commit €1.3B and become the top shareholder. Reuters (via Yahoo Finance)
- Advent, BlackRock-managed funds and the Grand Duchy of Luxembourg joined the Series D as new investors. Mistral's blog
- DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed and NVIDIA were existing investors who joined the Series C. Mistral's blog
Competitors
In its own Large 4 comparison, Mistral says its model was preferred over GLM-5.3, Kimi K3 and DeepSeek V4.1 Flash. It ranked behind only Claude Opus 5.5.
- Anthropic, with 42% of enterprise usage in code generation, by Sacra's estimate. Sacra
- OpenAI, which Sacra says is losing enterprise share. Sacra
- Google, at 69% enterprise usage through Workspace bundling, per Sacra. It competes with Mistral's on-premises offers in Europe. Sacra
- Meta, whose Llama family Sacra puts at a 9% share of enterprise usage. Sacra
- DeepSeek, whose V4.1 Flash is one of the open-weight models Mistral compares Large 4 against. Mistral's blog
What its people said about the competition
- 18:40 Mistral trained Le Chonk with less compute than Chinese rivalsPierre Stock · The MAD Podcast · Oct 2026
- 25:39 Open-model gaps are shrinking as AI shifts toward specialistsArthur Mensch · Big Technology Podcast · Jan 2026
- 51:42 Enterprise AI adoption may take decades despite infrastructure spendArthur Mensch · Big Technology Podcast · Jan 2026
Timeline and latest news
From its founding to the latest reports, newest first.
- Nov 5, 2026Latest
Announced a Studio update for building enterprise agents, workflows and apps. Mistral's about page - Oct 29, 2026Latest
Released the open weights of Mistral Large 4, a 1-trillion-parameter model. Mistral's blog - Oct 21, 2026Latest
Announced a collaboration with NVIDIA on AI-native engineering workflows. Mistral's about page - Oct 20, 2026
Released Voxtral 3, for agents that listen and speak. Mistral's about page - Sep 16, 2026
A seller offered alleged Mistral source code. Mistral said it found no new unauthorized access. TechRadar - Sep 8, 2026
Raised €3B in a Series D at a post-money valuation above €21B, led by Samsung Electronics. Mistral's blog - Jul 21, 2026
Microsoft agreed to spend billions of dollars on Mistral's computing infrastructure in Europe. Reuters (via Euronext Live) - May 19, 2026
Announced a deal to buy Emmi AI, an Austrian physics AI company. Mistral's blog - May 2026
Renamed Le Chat to Vibe and added new features. Wikipedia - Feb 17, 2026
Italy's AGCM closed its investigation into Le Chat's hallucination disclosures. Digital Policy Alert - Feb 2026
Bought Koyeb, a Paris-based AI startup. Wikipedia - Jan 2026
Reached $400M in annual recurring revenue, by Sacra's estimate. Sacra - Sep 9, 2025
Mistral announced a 1.7B€ Series C at a 11.7B€ post-money valuation, led by ASML. Mistral's blog - Jan 21, 2025
Arthur Mensch said at Davos that Mistral is working toward an IPO. TechCrunch - Feb 2024
Released Le Chat, its chatbot. Wikipedia - Apr 2023
Founded by three French AI researchers. Wikipedia
Legal matters
Mistral has faced one regulatory case in Italy, now closed. A seller said in 2026 that it had Mistral's source code, which has not been confirmed.
- Italy's AGCM opened proceedings on June 3, 2025 over whether Le Chat told users enough about hallucination risks. Digital Policy Alert
- Case closed. The AGCM closed its investigation on February 17, 2026, after commitments on user transparency. Digital Policy Alert
- Source code listing. On September 16, 2026 a seller offered what was said to be Mistral's source code. Mistral said it found no evidence of new unauthorized access. The code's authenticity is unconfirmed. TechRadar
In their own words, and what followed
What people said about the business, with the minute they said it, and what was reported after.
Arthur Mensch on Big Technology Podcast · Jan 16, 2026
“artificial intelligence can actually help to lift those physical constraints.”
11:12 Enterprise AI can unlock growth beyond labor savings
Reported after
In May 2026 Mistral announced a deal to buy Emmi AI, a physics AI company for industrial engineering. Mistral's blog
Arthur Mensch on Big Technology Podcast · Jan 16, 2026
“enterprises will just want to make sure that nobody can turn off their systems”
15:55 Open models give enterprises control over critical AI
Reported after
On October 29, 2026 Mistral released the open weights of Mistral Large 4, a 1-trillion-parameter model. Mistral's blog
Arthur Mensch on All-In · Mar 23, 2026
“there's no data flow coming back to Mistral because everything stays there.”
1:11:23 Mistral trains enterprise models without moving customer data
Reported after
On November 5, 2026 Mistral announced a Studio update for enterprise agents, with control over models, data and infrastructure. Mistral's about page
What others say about Mistral AI
Moments where people outside the company talk about it.
Sagar Vaze · MTS · Oct 29, 2026
“It's a trillion parameter model trained on 1E25 flops”
9:52 Mistral trained its trillion-parameter model on its own compute 3 min
Sagar Vaze · MTS · Oct 29, 2026
“we've convinced ourselves that we can do more with less.”
5:45 Compute is Mistral's main gap to the leading AI labs 2 min
Marjorie Janiewicz · MTS · Oct 30, 2026
“we're doing that with this vertical integration between infrastructure, model apps and developer tools.”
8:23 Mistral pairs models with applied scientists to reshape workflows 3 min
Marc Andreessen · a16z Podcast · Jan 7, 2026
“Mistral, by the way, Mistral is the great outlier to my Europe thing from earlier.”
50:35 AI application startups can build their own models 4 min
Misha Laskin · No Priors · Oct 9, 2026
“And Mistral and others were early in terms of different approaches to doing so.”
22:29 Enterprises rent intelligence first, then want to own it 3 min
Questions people ask
Is Mistral AI a public company? Can I buy Mistral stock?
No. Mistral AI is private and has no ticker, so its shares aren't sold on any exchange. Its CEO has said it is working toward an IPO.
When will Mistral AI IPO?
No date has been set. Arthur Mensch said at Davos in January 2025 that Mistral is working toward an IPO and is not for sale, per TechCrunch. No filing has been reported.
Who owns Mistral AI?
Its founders and investors, including Samsung Electronics, ASML, Andreessen Horowitz, Lightspeed, NVIDIA and Bpifrance. Reuters reported in September 2025 that ASML was set to become its top shareholder.
Who is the CEO of Mistral AI?
Arthur Mensch, who co-founded the company in 2023.
Who founded Mistral AI?
Arthur Mensch, Guillaume Lample and Timothée Lacroix, in April 2023.
How much is Mistral AI worth?
More than €21B post-money after its €3B Series D in September 2026, as Mistral announced. TechCrunch put that at about $24.39B.
How much revenue does Mistral AI make?
Sacra estimates $400M in annual recurring revenue in January 2026, up from about $312M in December 2025. Sacra says Mistral has targeted over $1B in revenue in 2026.
Is Mistral AI profitable?
It doesn't publish results, and no profit figure has been reported. In January 2026 Arthur Mensch said labs must work out which business model will make them profitable. 1:39
How does Mistral AI make money?
From API usage on La Plateforme, enterprise subscriptions for private deployments, and paid plans for Vibe. Vibe Pro costs $14.99 a month, and the Team plan $24.99 per user a month. 1:11:23
Who are Mistral AI's customers?
Its homepage says NATO, 20+ national government entities and 5 of the largest energy companies trust Mistral. Sacra reports contracts with Airbus and BMW. 39:57
Where is Mistral AI headquartered?
Paris, France.
Who are Mistral AI's competitors?
Anthropic, OpenAI, Google and Meta, per Sacra. Mistral also compares its models with DeepSeek, Kimi and GLM open-weight models. 18:40
Every moment from Mistral AI's people
24 moments from 4 interviews on 4 shows, newest first. Each one plays from the minute it starts.
MTS · Oct 29, 2026 · 6 moments
Why Closed AI Providers Block Cyber Defense | Sagar Vaze
- 14:05 Closed-model refusals can leave cyber defenders without recourse 3 min
- 9:52 Mistral trained its trillion-parameter model on its own compute 3 min
- 3:26 Fine-tuning can beat prompting on narrow enterprise tasks 2 min
- 5:45 Compute is Mistral's main gap to the leading AI labs 2 min
- 1:01 Open weights let firms turn proprietary expertise into a moat 2 min
- 16:44 Mistral trained multimodal capabilities from the start 2 min
The MAD Podcast · Oct 22, 2026 · 8 moments
Mistral Is SO Back: Inside Le Chonk, the West’s Biggest Open Model
- 46:42 RL training depends on calibrated tasks and resilient infrastructure 6 min
- 27:28 Mixture-of-experts models trade training complexity for inference capacity 5 min
- 1:03:20 A model pinged its trainer from inside a sandbox 4 min
- 10:28 Mistral’s in-house cluster teams fixed issues in two nights 3 min
- 18:40 Mistral trained Le Chonk with less compute than Chinese rivals 3 min
- 53:35 Mistral trains domain skills with tests, rubrics and simulations 5 min
- 1:07:40 Open-model guardrails raise the cost of malicious use 5 min
- 1:14:14 Mistral says its models speed senior researchers up two to four times 2 min
All-In · Mar 23, 2026 · 2 moments
Four CEOs on the Future of AI: CoreWeave, Perplexity, Mistral, and IREN
Big Technology Podcast · Jan 16, 2026 · 8 moments
Who Wins if AI Models Commoditize? — With Mistral CEO Arthur Mensch
- 1:39 Model commoditization shifts value downstream 4 min
- 15:55 Open models give enterprises control over critical AI 4 min
- 39:57 AI can automate complex shipping and factory workflows 6 min
- 11:12 Enterprise AI can unlock growth beyond labor savings 5 min
- 25:39 Open-model gaps are shrinking as AI shifts toward specialists 7 min
- 6:48 Enterprise AI needs fixed workflows alongside agents 4 min
- 45:51 AI systems improve through feedback, not just code fixes 3 min
- 51:42 Enterprise AI adoption may take decades despite infrastructure spend 2 min
People on Real Alpha
- Arthur Mensch, Co-founder & CEO, Mistral AI · 10 moments
- Guillaume Lample, Co-founder & Chief Scientist, Mistral AI
- Pierre Stock, VP of Science, Mistral AI · 8 moments
- Sagar Vaze, Research scientist, Mistral AI · 6 moments
Other companies in Frontier labs
OpenAI · Anthropic · Google DeepMind · Meta · SpaceXAI · Microsoft AI · DeepSeek · Safe Superintelligence · Thinking Machines Lab · Cohere · Moonshot AI · Reflection AI
How this page is sourced
Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it. Spotted something that's off? .
Last checked Nov 7, 2026