Mistral AI announces a €1.7 billion Series C funding round led by Dutch semiconductor-equipment giant ASML, which invests €1.3 billion to become one of the startup’s top shareholders with an 11% fully diluted stake. The round values Mistral at €11.7 billion ($13.8 billion), more than doubling its valuation from last year.

Existing investors including Andreessen Horowitz, Bpifrance, DST Global, General Catalyst, Index Ventures, Lightspeed, and Nvidia also participate. Mistral and ASML also announce a strategic partnership aimed at generating benefits for ASML customers through AI-enabled products and solutions, with potential joint research.

As part of the deal, ASML CFO Roger Dassen will join Mistral’s strategic committee board. The investment underscores Europe’s push for AI sovereignty, as Mistral is widely seen as a regional rival to OpenAI and aims to reduce reliance on Silicon Valley infrastructure.