Mistral, an AI gem co-founded by two X graduates, doubles its valuation to €12 billion

Mistral AI, co-founded by two X2011 graduates, Arthur Mensch and Guillaume Lample, and a graduate of the École Normale Supérieure, Timothée Lacroix, has raised €1.7 billion in a funding round led by Dutch group ASML, one of the world's leading manufacturers of photolithography machines for the semiconductor industry. 

ASML invested €1.3 billion in the French artificial intelligence champion, becoming its main shareholder with an 11% stake. 

DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed, and NVIDIA, existing investors in Mistral AI, also took part in the fundraising, according to a statement from the start-up. 

This fundraising brings Mistral AI's valuation to €11.7 billion, according to the press release, making it the most valuable artificial intelligence start-up in Europe. 

ASML also announced a strategic partnership with Mistral AI to use its artificial intelligence models across its entire product portfolio, as well as securing a seat on Mistral's strategic committee, the Dutch group said in a press release.

“This investment brings together two technology leaders operating in the same value chain. We aim to help ASML and its many partners meet current and future technical challenges through AI, and ultimately advance the entire semiconductor and AI value chain,” said Arthur Mensch, CEO of Mistral AI.

ASML recently appointed former French Minister of Economy and Finance Bruno Le Maire as special advisor to its executive committee. The group has also been headed by Frenchman Christophe Fouquet since 2024.