MISTRAL·AI / frontier foundation-model labPre-IPO · Private

Mistral AI

ConvictionModerate

open-weight + enterprise LLM platform · API + on-prem/sovereign deployment + assistant (Vibe/Le Chat)

Revenue

~$400M ARRJan 2026), up from ~$16M end-2024; ~$312M ARR Dec 2025; CMA CGM €100M 5-yr deal is the anchor enterprise contract

Rev growth

~20x ARR YoYend-2024 → early-2026); company-stated target of €1B (~$1.17B) ARR by end-2026

Gross margin

not disclosed — CEO conceded 2026 hardware spend~€1B+ capex, up to ~€2.8B committed) could roughly match 2026 revenue, so margins likely thin near-term; sparse-MoE efficiency is the structural margin lever

Op margin

Not disclosed

Capex intensity

Not disclosed

Valuation

~€11.7B / ~$13.8B last pricedSeries C, Sep 2025, ASML-led); rumored ~€20B/~$23B in early talks (Jun 2026

Valuation trail

€11.7B (~$13.8B)53.1× since Jun 2023

4 marks · Jun 2023–Sep 2025

private — no public price

Priced round

All 4 priced rounds disclosed (post-money). June 2026 ~€20B / €3B round omitted — Bloomberg/TechCrunch report it as in-talks/early-stage, not a closed priced round.

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Mistral AI

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026 (Jun 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence