Mistral AI revenue and valuation
Specter estimates Mistral AI's annual revenue at $320M to $630M and its valuation at $19.4B to $28.1B. The company last reported $400M ARR in July 2026 and was priced at $24.4B in September 2026.
- Estimated revenue
- $320M–$630M
- Estimated valuation
- $19.4B–$28.1B
- Reported ARR
- $400M
- Total funding
- $7.5B
- Founded
- 2023
- Headquarters
- Paris, France
- Employees
- 1,685
Mistral AI revenue
Mistral AI grew from $35M ARR in December 2023 to $400M in July 2026. Specter's model puts current ARR between $320M and $630M, anchored to six reported figures.
Monthly data
| Month | Specter estimate | Low | High | Reported ARR |
|---|---|---|---|---|
| $450M | $320M | $630M | ||
| $460M | $340M | $620M | ||
| $420M | $330M | $530M | ||
| $400M | $330M | $480M | $400M | |
| $380M | $240M | $610M | ||
| $360M | $220M | $600M | ||
| $340M | $230M | $530M | ||
| $330M | $230M | $470M | ||
| $310M | $230M | $420M | ||
| $300M | $240M | $370M | ||
| $280M | $240M | $340M | ||
| $300M | $230M | $390M | ||
| $310M | $250M | $390M | ||
| $330M | $270M | $390M | $327M | |
| $250M | $142M | $450M | ||
| $196M | $122M | $310M | ||
| $151M | $96M | $240M | ||
| $117M | $75M | $182M | ||
| $91M | $59M | $139M | ||
| $70M | $49M | $100M | ||
| $54M | $41M | $72M | ||
| $42M | $33M | $53M | ||
| $32M | $27M | $39M | $32.4M | |
| $33M | $17M | $63M | ||
| $33M | $19M | $57M | ||
| $33M | $21M | $52M | ||
| $33M | $18M | $62M | ||
| $33M | $23M | $49M | ||
| $34M | $24M | $48M |
Mistral AI valuation
Mistral AI's valuation rose from $259M at its Seed in June 2023 to $24.4B at its Series D in September 2026. Specter's live estimate sits between $19.4B and $28.1B.
Monthly data
| Month | Specter estimate | Low | High | Reported valuation |
|---|---|---|---|---|
| $23.4B | $19.4B | $28.1B | $23.4B (press) | |
| $24.4B | $20.3B | $29.4B | $24.4B (round) | |
| $20.9B | $17.3B | $25.3B | ||
| $17.9B | $15B | $21.5B | ||
| $15.4B | $12.8B | $18.5B | ||
| $13.2B | $10.9B | $15.8B | $13.2B (press) | |
| $12.9B | $10.8B | $15.5B | ||
| $12.6B | $10.5B | $15.2B | $12.6B (press) | |
| $13.3B | $11.1B | $16B | $13.3B (press) | |
| $12.9B | $10.7B | $15.5B | $12.9B (press) | |
| $13.6B | $11.3B | $16.4B | $13.6B (press) | |
| $13.6B | $11.5B | $16.2B | ||
| $13.7B | $11.3B | $16.4B | ||
| $13.7B | $11.4B | $16.5B | $13.7B (round) | |
| $6B | $4.99B | $7.21B | $6B (press) | |
| $7.75B | $6.26B | $9.58B | ||
| $10B | $8.32B | $12B | $10B (press) | |
| $6.3B | $5.24B | $7.57B | $6.3B (press) | |
| $6.35B | $4.75B | $8.5B | ||
| $6.39B | $2.84B | $11.5B | ||
| $6.45B | $5.16B | $8.06B | ||
| $6.5B | $5.41B | $7.81B | $6.5B (press) | |
| $6.46B | $4.57B | $9.13B | ||
| $6.42B | $4.7B | $8.77B | ||
| $6.38B | $4.75B | $8.58B | ||
| $6.34B | $5B | $8.05B | ||
| $6.31B | $5.05B | $7.87B | ||
| $6.27B | $5.21B | $7.54B | ||
| $6.23B | $5.18B | $7.49B | $6.23B (round) |
Mistral AI funding rounds
| Date | Round | Raised | Post-money valuation | Lead investors |
|---|---|---|---|---|
| Series D | $3.49B | $24.4B | Samsung Ventures, EQT, PSG Equity, Samsung Electronics | |
| Debt financing | $830M | Undisclosed | Undisclosed | |
| Series C | $1.99B | $13.7B | ASML | |
| Series B | $503M | $6.23B | General Catalyst, DST Global | |
| Debt financing | $142M | Undisclosed | Undisclosed | |
| Venture round | Undisclosed | Undisclosed | Undisclosed | |
| Corporate round | $16.3M | Undisclosed | Microsoft | |
| Series A | $414M | $2B | Andreessen Horowitz | |
| Convertible note | Undisclosed | Undisclosed | Undisclosed | |
| Seed | $113M | $259M | Lightspeed Venture Partners |
Mistral AI competitors
The enterprise AI market is splitting between general-purpose frontier models and sovereign deployment platforms.
Mistral AI revenue and valuation FAQ
What is Mistral AI's revenue?
Specter estimates Mistral AI's annual recurring revenue at $320M to $630M as of October 2026. Mistral AI last reported $400M ARR in July 2026, up from $35M in December 2023.
What is Mistral AI's valuation?
Mistral AI's latest post-money valuation is $24.4B, from a September 2026 Series D. Specter's live estimate is $19.4B to $28.1B.
What is Mistral AI's revenue multiple?
Mistral AI is valued at about 61× ARR, based on its $24.4B September 2026 valuation and $400M last reported ARR. That works out to roughly $237K of ARR per employee.
How much funding has Mistral AI raised?
$7.5B across 10 rounds, from a $113M Seed in June 2023 to a $3.49B Series D in September 2026.
Who invested in Mistral AI?
57 investors, including ASML, EQT, General Catalyst, PSG Equity, Samsung Electronics and Samsung Ventures.
Who are Mistral AI's competitors?
OpenAI, Anthropic, Google and Cohere. Specter ranks 30 competitors for Mistral AI.