French AI startup Mistral AI just closed a massive €1.7 billion ($2 billion) Series C led by Dutch chip giant ASML, doubling its valuation from €6 billion ($7.1 billion) to €11.7 billion ($13.8 billion) in just over a year.
ASML invested €1.3 billion ($1.5 billion) for an 11% stake and will integrate Mistral’s AI across its semiconductor operations—a move that could accelerate AI adoption throughout the chip supply chain.
Mistral launched Europe’s first AI reasoning model this summer, joining the competitive landscape alongside US and Chinese players like DeepSeek. Unlike English-centric models, it’s built for European languages—a strategic advantage that enhances the continent’s AI capabilities and offers alternatives to existing solutions. This represents the emergence of regional AI ecosystems that can complement global offerings with specialized local expertise.
