ASML becomes biggest Mistral investor in boost to Europe's AI ambitions
ASML and Mistral AI logos are seen in this illustration taken September 9, 2025. REUTERS/Dado Ruvic/Illustration
AMSTERDAM : Dutch chip equipment maker ASML has invested 1.3 billion euros ($1.5 billion) to become the biggest investor in French artificial intelligence startup Mistral AI in a significant boost to Europe's AI ambitions.
Mistral AI raised a total of 1.7 billion euros ($2 billion) in its latest funding round, it said on Tuesday. ASML's investment made it Mistral's main shareholder with a stake of about 11 per cent.
The statement confirmed a Reuters report from Sunday.
The deal is a boost for Europe's AI ambitions, pairing the continent's most credible rival to U.S. giants OpenAI, Meta and Alphabet's Google with one of its largest tech companies.
The latest funding round gives Mistral an 11.7 billion-euro valuation, Mistral said in a statement, becoming the most valuable AI company in Europe.
ASML will also partner with Mistral to integrate AI models across its semiconductor equipment portfolio and gain a board seat on the French startup's strategic committee through finance chief Roger Dassen.
Mistral, founded in 2023 by former researchers from Google DeepMind and Meta, has positioned itself as Europe's AI alternative to the U.S. and is a centerpiece of France's strategy to become a leading AI competitor.
However, it is still worth only a fraction of its U.S. peers. OpenAI is eyeing a valuation of around $500 billion in a potential stock sale, a source familiar with the matter told Reuters in August, more than 40 times Mistral's valuation.
The Dutch company has recently strengthened its French connections by appointing former French Finance Minister Bruno Le Maire as a special adviser to its executive board. It is also led by French CEO Christophe Fouquet, who took the helm in 2024.
"It helps that ASML is well connected to the industrial and political establishment to pick and choose its partners," said ING analyst Jan Frederik Slijkerman.
"There is an industrial rational to develop products together," he added. "For ASML it is probably easier to develop AI based products through a partnership then to do this in house."
Besides ASML, other investors who joined the fundraising are DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed and Nvidia, Mistral said.
ASML's shares were up 1 per cent in early Amsterdam trading, giving it a market value of 268 billion euros.
($1 = 0.8495 euros)
