France’s Mistral, an AI platform for enterprises, has raised €3 billion ($3.5 billion) in a Series D round led by South Korea’s Samsung Electronics, in the largest equity funding round by a European technology company.

In a statement on Tuesday, Mistral said the post-money valuation reached more than €21 billion. Chip and equipment suppliers ASML, Samsung and NVIDIA are now among Mistral’s shareholders.

New investors Advent, funds managed by BlackRock, and the Grand Duchy of Luxembourg joined the round, alongside existing backers including NVIDIA, Andreessen Horowitz, ASML, Bpifrance, DST Global, Index Ventures, Lightspeed and Salesforce Ventures, Mistral said.

The Scaleup Europe Fund, a roughly €5 billion European Union vehicle managed by EQT, and existing investor PSG Equity co-led the round, Mistral said. The valuation nearly doubled from the €11.7 billion set in its September 2025 Series C, led by Dutch chip-equipment maker ASML.

Mistral, founded in 2023, will use the money to expand frontier AI research, scale computing capacity for training models, build infrastructure, and accelerate commercial and international growth. It operates in 20 countries and said it served more than 125 enterprises, including Airbus, ASML, and HSBC.

The company positions itself as a provider of “sovereign” AI, offering open-weight models and a full technology stack so that governments and enterprises can run AI while keeping control of their data, models, and computing.

Samsung already invest $24B in Vietnam, to add $1B billion in 2026