Dutch lithography equipment giant ASML has committed to investing €1.3 billion (approximately $1.5 billion) in the latest Series C funding round of French AI startup Mistral, becoming the largest shareholder of Mistral. The total amount of this funding round is €1.7 billion, with Mistral's pre-investment valuation reaching €10 billion. After the completion of the funding, the valuation is expected to rise to €12 billion. ASML's investment not only provides strong financial support for Mistral but also potentially secures a seat for ASML on Mistral's board of directors.

Background and Advantages of Mistral

Founded in April 2023 by three millennials—Arthur Mensch, a former Google DeepMind researcher, Timothée Lacroix, a former Meta researcher, and Guillaume Lamprier—Mistral focuses on the development of open-source AI models. The company has launched dozens of models covering various fields such as voice, programming, and multimodal applications, with several 8B edge-side AI models demonstrating strong performance. In February 2025, Mistral introduced Le Chat, a chatbot comparable to ChatGPT, which achieved over 1 million downloads within two weeks of its launch, topping the free download list on the French iOS App Store. In addition, Mistral has reached a five-year strategic cooperation with CMA CGM, a French shipping giant, worth €100 million, integrating AI technology into logistics and customer service.

ASML's Strategic Considerations

For ASML, this investment represents a significant strategic move in the AI field. As a core supplier of semiconductor manufacturing equipment, ASML's investment in Mistral allows it to better understand the development trends of AI chip technology, providing valuable insights for its equipment R&D. Mistral's AI technology is expected to enhance the performance of lithography measurement and computational lithography tools, improve equipment efficiency, and drive the development and commercialization of more lithography equipment.

Impact and Future Outlook of the Partnership

The collaboration between ASML and Mistral is an important step in Europe's strategy for tech autonomy. The union of these two leading European tech companies will help reduce Europe's reliance on AI models from the United States and China. By introducing local European funding and technology, Mistral can better advance the development of European AI autonomy and enhance Europe's competitiveness in the global AI field.

ASML's investment in Mistral not only brings capital and resources to Mistral but also opens up broad prospects for the future development of both companies. Mistral is expected to accelerate its AI technology R&D and commercialization process with the financial backing and influence of ASML. Meanwhile, ASML can leverage Mistral's AI capabilities to improve its equipment performance and expand its business scope. This partnership will inject new vitality into Europe's tech industry and help Europe secure a more favorable position in the global tech competition.

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