Orrick Advises Mistral in its €3B Series D Funding Round at €21B Post-Money Valuation

Français: Orrick conseille Mistral dans le cadre de sa levée de fonds de série D de 3 milliards d'euros, sur la base d'une valorisation post-money de 21 milliards d'euros

Mistral AI raised €3 billion in its latest Series D round, reaching a post-money valuation of more than €21 billion, the largest equity fundraising round ever completed by a European technology company, three years after the company's launch. Orrick advised Mistral.

Samsung Electronics led the round, joined by co-leads Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity.

Our team has advised Mistral since its founding, including on its €105 million seed round in June 2023, its €385 million Series A round in December 2023, its €600 million Series B round in June 2024 and its €1.7 billion Series C round in September 2025.

THE COMPANY

Mistral is a French artificial intelligence startup headquartered in Paris founded in 2023 by Arthur Mensch, Guillaume Lample, and Timothée Lacroix. The company develops advanced large language models and the AI chatbot Le Chat, offering both open-source and proprietary models.

THE IMPACT

The round will significantly expand Mistral's frontier research, which is the foundation underpinning its infrastructure, products and sovereignty. While allowing Mistral to scale its compute capacity for training powerful models, it will help Mistral expand infrastructure and accelerate its commercial growth and international footprint.

The New York Times and The Wall Street Journal, among others, reported on this investment.

THE TEAM

The team was led by Benjamin Cichostepski and Johann Jabes and included Baptiste Tanchoux, Théophile Delobel, Mayeul Lelievre, Ahmed Rady, Harry Clark and Gregory Hume.

LEARN MORE

• Mistral AI Press Release
• Read More Orrick Client Results