French artificial intelligence company Mistral has climbed to become the second most valuable private tech business in Europe. This follows a €3 billion equity funding round, marking the largest of its kind for a private European tech firm. The three-year-old startup has seen its valuation jump from €11.7 billion in September 2025 to more than €21 billion. Mistral plans to put this capital into advanced AI research to challenge competitors like Anthropic and OpenAI.

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