AMSTERDAM: French startup Mistral AI has secured €1.7 billion (US$2 billion) in a landmark Series C funding round led by Dutch chip equipment maker ASML, giving Europe its most valuable homegrown AI company as the region seeks to challenge US dominance in artificial intelligence.
ASML will invest €1.3 billion in Mistral, becoming its largest shareholder with an 11% stake. The deal values the Paris-based firm at €11.7 billion post-money, placing it ahead of peers and cementing its status as Europe’s top AI contender.
“This funding marks a new chapter for Mistral and for Europe’s role in AI innovation,” the company said in a statement, confirming earlier reports.
Europe’s bid to close the AI gap
The partnership positions ASML — the world’s only supplier of advanced extreme ultraviolet lithography machines — as a pivotal backer of Europe’s AI ambitions. Mistral has been seen as one of the few startups capable of competing with OpenAI, Google, and Meta, whose models dominate the market.
ASML said it will work with Mistral to embed AI models into its semiconductor equipment portfolio, aiming to sharpen efficiency and maintain its technological edge. ASML finance chief Roger Dassen will also join Mistral’s strategic committee.
A heavyweight investor roster
Beyond ASML, Mistral’s fundraising attracted global venture heavyweights including DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed, and NVIDIA.
The scale of backing underscores investor conviction that Mistral can become Europe’s AI flagship at a time when governments are pushing for technological sovereignty and reduced reliance on US tech giants.
