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Mistral AI raises 3 billion euros in Europe's largest-ever tech funding round despite lagging behind rivals

Mistral AI closed a €3 billion Series D led by Samsung Electronics, valuing the lab at over €21 billion.

Mistral AI raised €3 billion in what it calls the largest equity round ever by a European tech company, lifting its valuation past €21 billion after ASML valued it near €12 billion in September 2025. Samsung Electronics leads the round with EQT's Scaleup Europe Fund and PSG Equity as co-leads; new investors include Advent, BlackRock-managed funds, and Luxembourg. The company also took an $830 million loan in March to fund its own data centers and serves 125+ enterprise customers including Airbus, ASML, and HSBC. Mistral Medium 3.5 trails open rivals like Qwen and Kimi and doesn't compete with top closed US models.

The Decoder · 7d agoAI industry1

Cognition hits $48B valuation, signaling investors believe AI coding is far from a winner-take-all market

Cognition, maker of Devin, raised $2 billion at a $48 billion valuation led by a16z, Accel, and Founders Fund, with revenue at $900M annualized.

Cognition raised $2 billion at a $48 billion valuation, four months after a $26 billion round, led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst, and Avenir. Its annualized run-rate revenue grew from $492 million to $900 million since May, with projected $4-5 billion by end of 2026, while compute costs could push 2026 burn to $800 million. The startup, founded by Scott Wu, counts Mercedes-Benz, NASA, Goldman Sachs, and Citi as customers and is training its own model to cut reliance on OpenAI and Anthropic.

TechCrunch · AI · 7d agoAI industry

Mistral raises €3B as sovereign AI becomes big business

Mistral AI raised a €3B Series D at a €21B+ valuation, led by Samsung Electronics, to scale European compute capacity and sovereign AI services.

French AI lab Mistral AI raised €3 billion (~$3.58B) at a post-money valuation above €21 billion, which it calls the largest equity round ever completed by a European technology company. Samsung Electronics led the round, with EQT's Scaleup Europe Fund and PSG Equity as co-leads; a16z, Nvidia, Salesforce Ventures, Advent, BlackRock, and Luxembourg also participated. The company plans to build 1 GW of European compute capacity by 2030, offer region-selectable query processing, and host third-party open-weight models as part of a sovereign AI strategy. Mistral operates in 20 countries and targets governments and enterprises seeking control over AI models and data residency.

TechCrunch · AI · 7d agoAI industry

Mistral raises €3B

Mistral raised a Samsung-led €3B Series D at a €21B+ valuation — the largest European tech equity round — to scale compute and frontier AI research.

Mistral announced a €3 billion Series D at a post-money valuation above €21 billion, the largest equity round ever by a European technology company. Samsung Electronics led the round, with co-leads Scaleup Europe Fund (managed by EQT) and PSG Equity; new investors include Advent, BlackRock, and the Grand Duchy of Luxembourg. The company operates across 20 countries, serves 125+ enterprises including Airbus, ASML, and HSBC, and says funds will expand frontier research, compute capacity, and international growth.

Hacker News · AI · 7d agoAI industryHN 648↑ · 468 comments

Apple’s Ternus era begins as Nvidia bets on the whole AI stack

Apple's John Ternus becomes CEO as Tim Cook steps down; Nvidia expands across the AI stack while a16z launches a $1.1B Machine Age fund.

Tim Cook stepped down as Apple CEO, handing the company to former hardware chief John Ternus, with Cook staying as Executive Chairman focused on policy relationships. TechCrunch's Equity podcast also unpacks Nvidia's moves to own the entire AI stack, including its Hugging Face acquisition, a MediaTek investment, and deeper compute deals. Other items include robotaxi competition (Tesla Cybercab, Waymo expansion, Zoox paid rides), Andreessen Horowitz's new $1.1 billion 'Machine Age' fund, and the $285 million GoPro acquisition.

TechCrunch · AI · 11d agoAI industry

Proactive cyber defense for governments and enterprises

Google launches the Fairwind Program giving governments and enterprises access to Gemini 3.8 Flash Cyber and CodeMender for autonomous vulnerability finding and patching.

Google DeepMind announced the Fairwind Program, a limited-access offering giving Google Cloud customers, government agencies, and cybersecurity partners access to Gemini 3.8 Flash Cyber and the CodeMender harness to autonomously find, verify, and fix vulnerabilities. Initial access prioritizes governments, critical infrastructure operators in healthcare, telecom, energy, and finance, and core technology platforms, with over 650 partners participating. Google also raised its total global cybersecurity funding commitment above $100 million, including $36 million for 35 US cyber clinics.

Google DeepMind · 13d agoAI industry

OpenAI’s sly mathematical breakthrough sends a chill through academia

OpenAI claims an unreleased model solved the Navier-Stokes Millennium Prize problem in 88 hours using ~10,000 agents, sparking academic scooping controversy.

OpenAI announced that one of its unreleased internal models took 88 hours, running a swarm of roughly 10,000 AI agents, to produce a solution to the Navier-Stokes Millennium Prize problem, a $1 million Clay Mathematics Institute challenge unsolved by humans for nearly 90 years. The announcement triggered allegations from NYU professor Tristan Buckmaster that OpenAI scooped his joint work with Anthropic researcher Levent Alpoge and questioned whether OpenAI accessed his Codex sessions; OpenAI denies using specific user data but concedes de-identified data influence cannot be ruled out. Critics say the rushed, reportedly million-dollar effort violates academic norms around trust and openness, potentially chilling collaboration in mathematics.

The Verge · AI · 6d agoAI industry 3 sources1

Crusoe reportedly raises $3B at a $30B valuation

AI data center developer Crusoe raised $3 billion at a $30 billion valuation, plus a $13 billion five-year GPU contract with Jane Street.

Crusoe, which builds hyperscale data centers for customers including Meta, Microsoft, OpenAI, and Oracle, raised a $3 billion round at a $30 billion valuation, Bloomberg reported. The round was co-led by Atreides Management and Valor Equity Partners with participation from Mubadala Capital. It comes 10 months after a $1.38 billion raise at a $10 billion valuation and follows a $13 billion, five-year cloud contract supplying GPUs and AI infrastructure to trading firm Jane Street. The company has met with Goldman Sachs and Morgan Stanley about a potential near-term IPO.

TechCrunch · AI · 11d agoAI industry

Nvidia buys Hugging Face, the GitHub of AI, for $13 billion

Nvidia agreed to acquire Hugging Face for $13 billion, pledging the 3-million-model open platform will remain open to its 18 million developers.

Nvidia has agreed to acquire Hugging Face, the model and dataset hosting platform, for $13 billion, pending regulatory review. The platform hosts about 3 million primarily open AI models, 500,000 datasets, and 1 million AI applications, used by more than 200,000 companies and 18 million developers. Nvidia pledged Hugging Face will remain an open platform and keep its brand; the startup previously declined a $500 million Nvidia investment to avoid a dominant investor. The deal supports Nvidia's open-weights strategy, alongside backing for Reflection AI, CoreWeave, and Nebius.

Ars Technica · AI · 12d agoAI industry