---
title: "Mistral AI revenue and valuation"
description: "Mistral AI's ARR is estimated at $320M–$630M, last reported at $400M. Valued at $24.4B after raising $7.5B. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/mistral-ai.md
canonical_url: https://www.tryspecter.com/revenue-valuation/mistral-ai
publisher: Specter
last_updated: 2026-11-01
---

# 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.

Mistral AI provides foundation models, APIs, and infrastructure for enterprise AI.

- Estimated revenue: $320M to $630M (October 2026)
- Estimated valuation: $19.4B to $28.1B (October 2026)
- Last reported ARR: $400M (July 2026)
- Total funding: $7.5B
- Founded: 2023
- Headquarters: Paris, France
- Employees: 1,685
- Sector: AI lab
- Specter Rank: #6,244

## 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.

| Reported figure | Date | Source |
| --- | --- | --- |
| $400M ARR | July 2026 | [What is Mistral AI? Everything to know about the OpenAI competitor](https://techcrunch.com/2026/07/04/what-is-mistral-ai-everything-to-know-about-the-openai-competitor/) (techcrunch.com) |
| $327M ARR | September 2025 | [Mistral AI on track to reach one billion euros in revenue in 2026](https://www.maddyness.com/2026/01/23/mistral-ai-en-route-vers-le-milliard-deuros-de-revenus-en-2026/) (maddyness.com) |
| $322M ARR | September 2025 | [MISTRAL AI doubles its valuation and surpasses 12 billion euros with a 1.7 billion fundraising](https://www.frenchweb.fr/mistral-ai-double-sa-valorisation-et-franchit-les-12-milliards-deuros-avec-une-levee-de-17-mde/456977) (frenchweb.fr) |
| $335M ARR | September 2025 | [Mistral confirms €1.7bn Series C led by ASML](https://sifted.eu/articles/mistral-confirms-series-c-asml/) (sifted.eu) |
| $32.4M ARR | December 2024 | [Mistral unveils new enterprise AI assistant to compete with Microsoft and OpenAI](https://sifted.eu/articles/mistral-enterprise-ai-microsoft-openai/) (sifted.eu) |
| $35M ARR | December 2023 | [Exclusive: Mistral plans to accelerate growth via M&A](https://sifted.eu/articles/exclusive-mistral-growth-acquisitions/) (sifted.eu) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $450M | $320M | $630M |
| September 2026 | $460M | $340M | $620M |
| August 2026 | $420M | $330M | $530M |
| July 2026 | $400M | $330M | $480M |
| June 2026 | $380M | $240M | $610M |
| May 2026 | $360M | $220M | $600M |
| April 2026 | $340M | $230M | $530M |
| March 2026 | $330M | $230M | $470M |
| February 2026 | $310M | $230M | $420M |
| January 2026 | $300M | $240M | $370M |
| December 2025 | $280M | $240M | $340M |
| November 2025 | $300M | $230M | $390M |
| October 2025 | $310M | $250M | $390M |
| September 2025 | $330M | $270M | $390M |
| August 2025 | $250M | $142M | $450M |
| July 2025 | $196M | $122M | $310M |
| June 2025 | $151M | $96M | $240M |
| May 2025 | $117M | $75M | $182M |
| April 2025 | $91M | $59M | $139M |
| March 2025 | $70M | $49M | $100M |
| February 2025 | $54M | $41M | $72M |
| January 2025 | $42M | $33M | $53M |
| December 2024 | $32M | $27M | $39M |
| November 2024 | $33M | $17M | $63M |
| October 2024 | $33M | $19M | $57M |
| September 2024 | $33M | $21M | $52M |
| August 2024 | $33M | $18M | $62M |
| July 2024 | $33M | $23M | $49M |
| June 2024 | $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.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $23.4B | $19.4B | $28.1B |
| September 2026 | $24.4B | $20.3B | $29.4B |
| August 2026 | $20.9B | $17.3B | $25.3B |
| July 2026 | $17.9B | $15B | $21.5B |
| June 2026 | $15.4B | $12.8B | $18.5B |
| May 2026 | $13.2B | $10.9B | $15.8B |
| April 2026 | $12.9B | $10.8B | $15.5B |
| March 2026 | $12.6B | $10.5B | $15.2B |
| February 2026 | $13.3B | $11.1B | $16B |
| January 2026 | $12.9B | $10.7B | $15.5B |
| December 2025 | $13.6B | $11.3B | $16.4B |
| November 2025 | $13.6B | $11.5B | $16.2B |
| October 2025 | $13.7B | $11.3B | $16.4B |
| September 2025 | $13.7B | $11.4B | $16.5B |
| August 2025 | $6B | $4.99B | $7.21B |
| July 2025 | $7.75B | $6.26B | $9.58B |
| June 2025 | $10B | $8.32B | $12B |
| May 2025 | $6.3B | $5.24B | $7.57B |
| April 2025 | $6.35B | $4.75B | $8.5B |
| March 2025 | $6.39B | $2.84B | $11.5B |
| February 2025 | $6.45B | $5.16B | $8.06B |
| January 2025 | $6.5B | $5.41B | $7.81B |
| December 2024 | $6.46B | $4.57B | $9.13B |
| November 2024 | $6.42B | $4.7B | $8.77B |
| October 2024 | $6.38B | $4.75B | $8.58B |
| September 2024 | $6.34B | $5B | $8.05B |
| August 2024 | $6.31B | $5.05B | $7.87B |
| July 2024 | $6.27B | $5.21B | $7.54B |
| June 2024 | $6.23B | $5.18B | $7.49B |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $23.4B | October 2026 | [forbes.n1info.ba](https://forbes.n1info.ba/biznis/ovo-su-veliki-ai-poslovi-koji-su-stvorili-novu-generaciju-evropskih-milijardera/) |
| $24.4B | September 2026 | Funding round |
| $13.2B | May 2026 | [lefigaro.fr](https://www.lefigaro.fr/secteur/high-tech/la-pepite-francaise-de-l-intelligence-artificielle-mistral-ai-visee-par-une-cyberattaque-20260515) |
| $12.6B | March 2026 | [sifted.eu](https://sifted.eu/articles/mistral-830m-loan-data-centres) |
| $13.3B | February 2026 | [fool.com](https://www.fool.com/investing/stock-market/market-sectors/information-technology/ai-stocks/ai-startups/) |
| $12.9B | January 2026 | [news.crunchbase.com](https://news.crunchbase.com/venture/largest-funding-rounds-genai-defense-eoy-2025/) |
| $13.6B | December 2025 | [benzinga.com](https://www.benzinga.com/markets/tech/25/12/49178228/microsoft-nvidia-backed-french-ai-startup-is-coming-for-openai-and-google-with-its-latest-launch) |
| $13.7B | September 2025 | Funding round |
| $6B | August 2025 | [startupitalia.eu](https://startupitalia.eu/tech/apple-acquisira-mistral-ai/) |
| $10B | June 2025 | [maddyness.com](https://www.maddyness.com/2025/08/25/mistral-ai-et-le-spectre-dun-rachat-xxl-par-apple-la-folle-rumeur-qui-a-agite-lete-de-la-french-tech/) |
| $6.3B | May 2025 | [maddyness.com](https://www.maddyness.com/2025/05/21/g42-nvidia-bpifrance-mgx-mistral-ai-tisse-sa-toile-entre-europe-et-moyen-orient/) |
| $6.5B | January 2025 | [italian.tech](https://www.italian.tech/2025/01/16/news/mistral_afp_le_chat_intelligenza_artificiale-423942885/) |
| $6.23B | June 2024 | Funding round |
| $2B | December 2023 | Funding round |
| $14B | November 2023 | [forbes.ru](https://www.forbes.ru/investicii/545567-ocenka-francuzskogo-mistral-ai-vyrosla-do-14-mlrd-posle-milliardnyh-vlozenij-asml) |
| $1.4B | October 2023 | [techcrunch.com](https://www.techcrunch.com/venture/3042279/mistral-the-french-ai-giant-is-reportedly-on-the-cusp-of-securing-a-14b-valuation/) |
| $259M | June 2023 | Funding round |

## Mistral AI funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 8 Sep 2026 | Series D | $3.49B | $24.4B | Samsung Ventures, EQT, PSG Equity, Samsung Electronics |
| 30 Mar 2026 | Debt financing | $830M | Undisclosed | Undisclosed |
| 9 Sep 2025 | Series C | $1.99B | $13.7B | ASML |
| 11 Jun 2024 | Series B | $503M | $6.23B | General Catalyst, DST Global |
| 11 Jun 2024 | Debt financing | $142M | Undisclosed | Undisclosed |
| 14 Mar 2024 | Venture round | Undisclosed | Undisclosed | Undisclosed |
| 27 Feb 2024 | Corporate round | $16.3M | Undisclosed | Microsoft |
| 10 Dec 2023 | Series A | $414M | $2B | Andreessen Horowitz |
| 4 Dec 2023 | Convertible note | Undisclosed | Undisclosed | Undisclosed |
| 13 Jun 2023 | Seed | $113M | $259M | Lightspeed Venture Partners |

## Mistral AI vs competitors

The enterprise AI market is splitting between general-purpose frontier models and sovereign deployment platforms.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Mistral AI | $320M–$630M | $19.4B–$28.1B |
| OpenAI (openai.com) | $34.4B–$51.8B | $1.04T–$1.5T |
| Anthropic (anthropic.com) | $38.9B–$56.3B | $1.66T–$2.4T |
| Google (google.com) | $392B–$602B | $128B–$834B |
| Cohere (cohere.com) | $290M–$740M | $22B–$31.7B |

## Questions

### 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.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "Mistral AI revenue and valuation." tryspecter.com/revenue-valuation/mistral-ai. Updated November 2026.