Mistral AI
French lab with open and paid models, chosen by European firms that want data kept in Europe.
- Revenue
- About $14B valuation (Sep 2025)
- Value
- More than €21B post-money after a €3B Series D in September 2026 (law firm announcement)
- Growth
- One source says annualised revenue passed $400M in January 2026 (reported)
- Based in
- Paris, France
- Listed
- Private
Sovereign-data demand in Europe gives it a home market that US labs find harder to win.
US labs have far bigger budgets for training the same kind of model.
Money going out
Who Mistral AI pays to do what it does.
No suppliers of Mistral AI mapped yet.
Where it sits on the map
Competitors and neighbours
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About $13B revenue in 2025, against about $34B of costs (reported)
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Annualised revenue run rate above $65B at the end of July 2026, reported from an investor update (Aug 2026)
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25% of AI chip supply (Epoch AI)
Open profileSells Microsoft 365 Copilot inside Office and Windows, and owns a large stake in OpenAI.
20M+ users (2025)
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Sales more than tripled (H1 2025)
Open profileDesigns its own Trainium AI chips and rents them out through AWS.
5% of AI chip supply (Epoch AI)
Open profileLab founded by former OpenAI leaders, which sells Tinker for managed fine-tuning of open models.
Annualised run rate above $100M, self-reported and unaudited
Open profileLab that aims to build frontier open-weight models in the US, backed by Nvidia.
$8B after a $2B round led by Nvidia in October 2025. Talks at $25B reported in 2026
Open profileChinese research lab that releases its strongest models as open weights.
About 475M yuan (about $70.7M) in the first seven months of 2026 (The Information, reported)
Open profileSources: orrick.com, gend.co, sifted.eu
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