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 contractRev growth
~20x ARR YoYend-2024 → early-2026); company-stated target of €1B (~$1.17B) ARR by end-2026Gross 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 leverOp margin
Not disclosedCapex intensity
Not disclosedValuation
~€11.7B / ~$13.8B last pricedSeries C, Sep 2025, ASML-led); rumored ~€20B/~$23B in early talks (Jun 2026Valuation trail
$13.8B53× 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
Sign in to read the bull & bear take — Pro unlocks the full dossier.
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
Not financial advice — analyst work product for a qualified professional.