Mistral Seeks $3.5B Funding, Doubles Valuation

French AI firm Mistral is reportedly in talks to raise €3 billion ($3.5 billion), which could value the company at €20 billion — nearly double its September valuation. Existing backers including ASML, Nvidia, and Salesforce Ventures may participate in the round. The fundraising follows Mistral's push into physics AI, targeting industrial engineers with tools to generate and simulate product designs. The company acquired startup Emmi in May to accelerate this effort and faces growing competition from OpenAI, Anthropic, and Jeff Bezos-backed Prometheus, which raised $12 billion this week.