It cannot be verified from public data, so calibrate before you mark. Mistral announced a €3 billion Series D on 9/8, post-money from €11.7 billion to over €21 billion, 1.8x. Samsung led and ASML solely led the prior round, so both pricing anchors are customers (the author's reading). The first checkable figure is audited 2025 revenue.
The mainstream reads 'the largest equity raise in European tech history' (the company's own phrase; Reuters limits it to unlisted companies). The diary reads a customer-led round that may carry a strategic premium: a strategic-investor premium is one of the cases the IPEV valuation guidelines list as possibly not representing fair value, and management's verbal ARR can only be checked by audit.
Mistral official blog 2026-09-08: €3 billion Series D, post-money over €21 billion, Samsung led. ASML press release 2025-09-09: ASML put in €1.3 billion of the €1.7 billion Series C, about 11% fully diluted. Reuters 2026-09-08: the CFO said on track for $1 billion ARR by year end, a target. Hugging Face API, author's own pull on 2026-09-09: 10.8 million downloads in the past 30 days, one-thirtieth of Qwen's.
For investors: a customer-led round may carry a strategic premium, so calibrate under the valuation guidelines and wait for Mistral AI SAS's audited 2025 annual revenue before marking. For founders: on-prem revenue does not show up on public leaderboards, so raise with audited revenue and renewal rates in hand.