Mistral just raised $3.5B on a thesis Indian AI founders should be paying attention to

https://mistral.ai/ closed a €3B Series D on 8 September at a post-money valuation above €21B — roughly $24B. Largest equity round ever completed by a European tech company, three years after launch. Samsung Electronics led. EQT's Scaleup Europe Fund and existing investor PSG Equity co-led. ASML, Nvidia, BNP Paribas CIB, a16z, BlackRock, Salesforce Ventures and the Grand Duchy of Luxembourg all in. THE VALUATION PATH €5.8B at Series B (June 2024) €11.7B at Series C (September 2025, ASML-led, €1.