ASML committed €1.3 billion to the Series C funding for Mistral AI, tipping the French startup’s valuation to €10 billion, the highest for any AI company in Europe. Bank of America advised on the deal.
The move aims to advance European technological independence and may enable ASML to incorporate Mistral’s AI into its build-to-order chipmaking systems, which is a step in line with Europe’s broader sovereign AI ambitions.
How the deal came together
ASML, the Dutch provider of advanced lithography machines, led Mistral AI’s latest investment round by putting in €1.3 billion of a €1.7 billion raise, making it the startup’s top shareholder and securing a board seat, sources told Reuters. That valued Mistral at a pre-money €10 billion, or about US $11.7 billion, making it Europe’s most valuable AI firm to date.
ASML and Mistral declined to comment to Reuters.
The investment underscores a concerted effort to decrease reliance on US and Chinese AI models. Aligning ASML’s chipmaking strength with Mistral’s AI could yield strategic gains in performance, efficiency, and proprietary software innovation.
Amplifying Mistral’s rise and ASML’s gains
Founded in 2023 by former DeepMind and Meta researchers, Mistral has quickly climbed the European AI ladder. Its Series B round had already lifted its valuation past US $6 billion, putting it among the continent’s frontrunners.
Now, with ASML as its top shareholder, the partnership offers potential synergies: ASML is the sole provider of extreme-ultraviolet (EUV) lithography equipment, and integrating Mistral’s AI could refine machine efficiency and open new pathways for product development.
Outlook for the tech landscape
Europe faces an urgent need for homegrown AI capabilities. The ASML–Mistral partnership underscores how Europe is seeking not just startup growth but also long-term sovereignty in both chips and AI models, aligning industrial strength with strategic independence.
Analysts will watch how this alliance plays into broader EU ambitions for AI sovereignty and industrial resilience, which is a trend mirrored in the Asia-Pacific region, where governments are also working to develop sovereign AI foundation models.
