French AI company Mistral has reported a 20-fold increase in revenue over the past year, reaching an annualised run rate of more than $400 million. CEO Arthur Mensch attributed the growth in part to rising European demand for AI services that are independent from American technology providers.
Mistral, founded in 2023 and valued at around $13.8 billion, counts ASML, TotalEnergies, HSBC and several European governments among its customers. Roughly 60 percent of its revenues come from Europe, with the remainder from the US and Asia.
The company is expanding beyond developing large language models into cloud infrastructure. It recently announced a $1.4 billion investment to build AI data centres in Sweden, its first outside France. Mistral said it is working with EcoDataCenter on the facility, which will offer 23 megawatts of computing power.
To accelerate this shift, Mistral has acquired Koyeb, a Paris-based startup that simplifies the deployment of AI applications and manages the infrastructure behind them. Koyeb’s 13 employees will join Mistral’s engineering team. Mistral said Koyeb’s technology will help deploy AI models on clients’ own hardware, optimise GPU usage, and scale AI inference. Financial terms were not disclosed.
Sources: Financial Times, TechCrunch
