Funding round
Mistral AI Series C
Mistral AI, which works in AI platform development in Paris, raised $2.00B in a Series C round announced on 9 Sep 2025, led by ASML Holding NV, at a $13.80B post-money valuation. 8 firms took part, 8 of them already investors. It is Mistral AI's fourth venture round on record; the one before was a Series B in Jun 2024.
$2.00B
Amount raised
$13.80B
Post-money valuation
$11.80B pre-money
8
Investors
1 lead
2.2x
Step-up from the Series B
$6.20B in Jun 2024
14%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Mistral AI at $13.80B after the new money, 2.2 times the $6.20B of its Series B (Jun 2024). The $2.00B bought investors about 14% of the company. It came 15 months after Mistral AI's Series B. It is 30% of the $6.67B Mistral AI has raised in the venture rounds on record. Mistral AI raised again 12 months later: a Series D round of $3.50B in Sep 2026, at $24.40B post-money.
Mistral AI's funding rounds
Mistral AI has 5 venture rounds on record and 1 other deal. This one is highlighted.
- Seed 13 Jun 2023, led by Lightspeed Venture Partners $113M$260M post-money
- Series A 11 Dec 2023, led by Andreessen Horowitz $414M
- Series B 11 Jun 2024, led by General Catalyst $644M$6.20B post-money
- Series C this round 9 Sep 2025, led by ASML Holding NV $2.00B$13.80B post-money
- Debt not a venture round 30 Mar 2026 $830M
- Series D 8 Sep 2026, led by Samsung Venture Investment, Scaleup Europe Fund and PSG $3.50B$24.40B post-money
Investors
Who put money in
ASML Holding NV led the round with 7 other firms. ASML Holding NV, DST Global, Andreessen Horowitz and Bpifrance and 4 more had backed Mistral AI before.
Lead investor
- ASML Holding NV existing investor
Also in the round
- DST Global backs 179 venture-backed companies existing investor
- Andreessen Horowitz backs 722 venture-backed companies existing investor
- Bpifrance existing investor
- General Catalyst backs 574 venture-backed companies existing investor
- Index Ventures backs 353 venture-backed companies existing investor
- Lightspeed Venture Partners backs 454 venture-backed companies existing investor
- NVIDIA existing investor
Joined the board: ASML (ASML).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development.
- Product development
Comparable rounds
How it compares
19 Series C rounds in Software Development Services within a year either side disclosed an amount; the median was $78M, and this round was 26 times the median. The closest in time, other companies' Series C rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 3 Sep 2025 | $100M | $1.50B | Cox Enterprises |
| Druid AI Software Development Services | 16 Sep 2025 | $31M | not disclosed | Cipio Partners |
| Decagon Software Development Services | 22 Jun 2025 | $131M | $1.50B | Accel and Andreessen Horowitz |
| Skild AI Software Development Services | 14 Jan 2026 | $1.40B | $14.00B | SoftBank Group |
| Software Development Services | 13 Jan 2026 | $130M | $1.30B | AVP |
| Software Development Services | 1 May 2025 | $60M | not disclosed | Robert Bosch Venture Capital and MTR Lab |
| Software Development Services | 13 Mar 2026 | $300M | not disclosed | CDH Investments |
| Peregrine Software Development Services | 4 Mar 2025 | $190M | $2.50B | Sequoia Capital |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Mistral AI raise in its Series C round?
Mistral AI raised $2.00B in its Series C round, announced in Sep 2025.
Who led Mistral AI's Series C round?
ASML Holding NV led it, with DST Global, Andreessen Horowitz, Bpifrance, General Catalyst and Index Ventures and 2 more.
What was Mistral AI's valuation at the Series C round?
$13.80B post-money ($11.80B pre-money).
How does it compare with other Series C rounds in Software Development Services?
19 Series C rounds in Software Development Services within a year either side disclosed an amount; the median was $78M, and this round was 26 times the median.
Did Mistral AI raise again after this round?
Yes: a Series D round in Sep 2026 of $3.50B at $24.40B post-money.