Mistral AI seeks €3B funding at €20B valuation

French AI firm Mistral AI is reportedly in early discussions to secure approximately €3 billion in funding, which would value the company at around €20 billion. This potential valuation nearly doubles its previous Series C round valuation from last September. Mistral AI, known for its open-weight models and ambition to democratize AI, is positioning itself as a European alternative to U.S. tech giants. The company is expanding its infrastructure with a new data center near Paris and has formed strategic partnerships with European entities. Despite its growth, Mistral's fundraising remains a fraction of U.S. competitors like OpenAI and Anthropic.