ASML, the Dutch maker of cutting-edge chipmaking equipment, will become the top shareholder in French startup Mistral AI after leading its latest €1.7 billion (~$2B) Series C funding round, sources told Reuters. ASML is committing €1.3 billion ($1.5 billion), securing a board seat at Mistral in the process.
The funding values Mistral at €10 billion ($11.7 billion) pre-money, making it the most valuable AI company in Europe. The deal underscores Europe’s push for technological sovereignty, reducing reliance on U.S. and Chinese AI models.
Founded in 2023 by Arthur Mensch (ex-DeepMind) along with Timothée Lacroix and Guillaume Lample (ex-Meta), Mistral has quickly positioned itself as Europe’s AI champion, competing with giants like OpenAI and Google. It was last valued above $6 billion in 2023 and has backing from Nvidia.
ASML, the sole supplier of extreme ultraviolet (EUV) lithography machines—vital for advanced chipmaking by firms like TSMC and Intel—could integrate Mistral’s AI-driven data analytics to improve its €180 million EUV systems. The partnership could bolster both firms: Mistral gains capital and industrial ties, while ASML sharpens its AI-enabled chipmaking capabilities.
The move highlights a rare strategic alignment of two European tech powerhouses. By tying together semiconductor infrastructure and AI model development, the partnership signals Europe’s intent to carve out a sovereign AI ecosystem in a field dominated by U.S. and Chinese players.