Company:Mistral AI

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Mistral AI SAS
TypePrivate
IndustryArtificial intelligence
Founded28 April 2023; 2 years ago (28 April 2023)
Founders
Headquarters
Paris
,
France
Key people
  • Arthur Mensch (CEO)
  • Guillaume Lample (Chief Scientist)
  • Timothée Lacroix (CTO)
Products
  • Mistral Medium 3.1
  • Mistral Small 3.2
  • Codestral 2508
  • Devstral Medium
  • Magistral Medium
  • Voxtral
  • Mistral OCR
Number of employees
150 (2025)[1]
Websitemistral.ai
Artificial intelligence
Major goals
Approaches
Philosophy
History
Technology
Glossary

Mistral AI SAS (fr) is a French artificial intelligence (AI) startup, headquartered in Paris. Founded in 2023, it has open-weight large language models (LLMs), with both open-source and proprietary AI models.[2][3][4] As of 2025 the company has a valuation of more than US$14 billion.[5]

Namesake

The company is named after the mistral, a powerful, cold wind in southern France,[6] a term which originates from the Occitan language.

History

Mistral AI was established in April 2023 by three French AI researchers, Arthur Mensch, Guillaume Lample and Timothée Lacroix.[7]

Mensch, an expert in advanced AI systems, is a former employee of Google DeepMind; Lample and Lacroix, meanwhile, are large-scale AI models specialists who had worked for Meta Platforms.[8]

The trio originally met during their studies at École Polytechnique.[6]

Example of an image generated with Le Chat. The prompt is: Generate an image you feel represents yourself, Mistral AI.
Screenshot of Le Chat, Mistral AI chatbot, describing Wikipedia

Company operation

Funding

In June 2023, the start-up carried out a first fundraising of €105 million ($117 million) with investors including the American fund Lightspeed Venture Partners, Eric Schmidt, Xavier Niel and JCDecaux. The valuation is then estimated by the Financial Times at €240 million ($267 million).

On 10 December 2023, Mistral AI announced that it had raised €385 million ($428 million) as part of its second fundraising. This round of financing involves the Californian fund Andreessen Horowitz, BNP Paribas and the software publisher Salesforce.[9][10]

By December 2023, it was valued at over $2 billion.[11]

On 16 April 2024, reporting revealed that Mistral was in talks to raise €500 million, a deal that would more than double its current valuation to at least €5 billion.[12]

In June 2024, Mistral AI secured a €600 million ($645 million) funding round, increasing its valuation to €5.8 billion ($6.2 billion).[13] Based on valuation, as of June 2024, the company was ranked fourth globally in the AI industry, and first outside the San Francisco Bay Area.[14]

In August 2025, the Financial Times reported that Mistral was in talks to raise $1 billion at a $10 billion valuation.[15] In September 2025, Bloomberg announced that Mistral AI has secured a €2 billion investment valuing it at €12 billion ($14 billion).[16] This comes after $1.5 billion investment from Dutch company ASML, which owns 11% of Mistral.[17]

Partnerships

On 26 February 2024, Microsoft announced that Mistral's language models would be made available on Microsoft's Azure cloud, while the multilingual conversational assistant Le Chat would be launched in the style of ChatGPT.[18][non-primary source needed] The partnership also included a financial investment of $16 million by Microsoft in Mistral AI.[19]

In April 2025, Mistral AI announced a €100 million partnership with the shipping company CMA CGM.[20][21]

Services

On 19 November, 2024, the company announced updates for Le Chat (pronounced /lə tʃat/ in French). It added the ability to create images, using Black Forest Labs' Flux Pro model.[22]

On 6 February 2025, Mistral AI released Le Chat on iOS and Android mobile devices.[23]

Mistral AI also introduced a Pro subscription tier, priced at $14.99 per month, which provides access to more advanced models, unlimited messaging, and web browsing.[24]

Models

The following table lists the main model versions of Mistral, describing the significant changes included with each version:[25]

Name Release date Status Number of parameters (billion) License Notes
Magistral Medium 2025-06 Active ? Proprietary Enterprise reasoning model.[26]
Magistral Small 2025-06 Active 24 Apache-2.0 Open-weight reasoning model.[26]
Devstral Small 25.05 2025-05 Active 24 Apache-2.0 Agentic model for software engineering tasks.[27]
Mistral Medium 3 25.05 2025-05 Active ? Proprietary Enterprise model available for on-premise deployment.[28]
Mistral Small 3.1 25.03 2025-03 Active 24 Apache-2.0 A new leader in the small models category with image understanding capabilities, with the latest version v3.1 released March 2025.[29][30]
Mistral Small 3 25.01 2025-01 ? 24 Apache-2.0 Release in January 2025, Mistral Small 3 features 24B parameters.[29]
Mistral Large 2 24.11 2024-11 Active 123 Mistral Research License [29]
Pixtral Large 24.11 2024-11 ? 124 Mistral Research License On November 19, 2024, the company introduced Pixtral Large, which integrates a 1-billion-parameter visual encoder coupled with Mistral Large 2.[31][29]
Ministral 8B 24.10 2024-10 ? 8 Mistral Research License [29]
Ministral 3B 24.10 2024-10 ? 3 Proprietary [29]
Pixtral 24.09 2024-09 ? 12 Apache-2.0 [29]
Mistral Large 2 24.07 2024-07 ? 123 Mistral Research License Mistral Large 2 was announced on July 24, 2024, and released on Hugging Face. It is available for free with a Mistral Research Licence, and with a commercial licence for commercial purposes. Mistral AI claims that it is fluent in dozens of languages, including many programming languages. Unlike the previous Mistral Large, this version was released with open weights. The model has 123 billion parameters and a context length of 128,000 tokens.[29]
Codestral Mamba 7B 2024-07 ? 7 Apache-2.0 Codestral Mamba is based on the Mamba 2 architecture, which allows it to generate responses with longer input.[32] Unlike Codestral, it was released under the Apache 2.0 license. While previous releases often included both the base model and the instruct version, only the instruct version of Codestral Mamba was released.[33][29]
Mathstral 7B 2024-07 ? 7 Apache-2.0 Mathstral 7B is a model with 7 billion parameters released by Mistral AI on July 16, 2024, focusing on STEM subjects.[34] The model was produced in collaboration with Project Numina,[32] and was released under the Apache 2.0 License with a context length of 32k tokens.[34][29]
Codestral 22B 2024-05 ? 22 Mistral Non-Production License Codestral is Mistral's first code-focused open weight model which was launched on May 29, 2024. Mistral claims Codestral is fluent in more than 80 programming languages[35] Codestral has its own license which forbids the usage of Codestral for commercial purposes.[36][29]
Mixtral 8x22B 2024-04 ? 141 Apache-2.0 Similar to Mistral's previous open models, Mixtral 8x22B was released via a BitTorrent link on Twitter on April 10, 2024,[37] with a release on Hugging Face soon after.[38] The model uses an architecture similar to that of Mistral 8x7B, but with each expert having 22 billion parameters instead of 7. In total, the model contains 141 billion parameters, as some parameters are shared among the experts, but offering higher performance.[38][39][29]
Mistral Small 2024-02 ? ? Proprietary Like the Large model, Mistral Small was launched on February 26, 2024.[29]
Mistral Large 24.02 2024-02 ? ? Proprietary Mistral Large was launched on February 26, 2024. It outputs in English, French, Spanish, German, and Italian, and provides coding capabilities.[40] It is available on Microsoft Azure.[41][29]
Mistral Medium 2023-12 ? ? Proprietary Mistral Medium is trained in various languages including English, French, Italian, German, Spanish.[42] The number of parameters, and architecture of Mistral Medium is not known as Mistral has not published public information about it.[29]
Mixtral 8x7B 2023-12 ? 46.7 Apache-2.0 Much like Mistral's first model, Mixtral 8x7B was released via a BitTorrent link posted on Twitter on December 9, 2023,[2] and later Hugging Face and a blog post were released two days later.[43] Unlike the previous Mistral model, Mixtral 8x7B uses a sparse mixture of experts architecture. The model has 8 distinct groups of "experts", giving the model a total of 46.7B usable parameters.[44][45] Each single token can only use 12.9B parameters, therefore giving the speed and cost that a 12.9B parameter model would incur.[43] A version trained to follow instructions called “Mixtral 8x7B Instruct” is also offered.[43][29]
Mistral 7B 2023-09 ? 7.3 Apache-2.0 Mistral 7B is a 7.3B parameter language model using the transformers architecture. It was officially released on September 27, 2023, via a BitTorrent magnet link,[46] and Hugging Face[47] under the Apache 2.0 license. Both a base model and "instruct" model were released with the latter receiving additional tuning to follow chat-style prompts. The fine-tuned model is only intended for demonstration purposes, and does not have guardrails or moderation built-in.[48][29]

Mistral 7B

Mistral AI claimed in the Mistral 7B release blog post that the model outperforms LLaMA 2 13B on all benchmarks tested, and is on par with LLaMA 34B on many benchmarks tested,[48] despite having only 7 billion parameters, a small size compared to its competitors.

Mixtral 8x7B

Mistral AI claimed in 2023 that its model beat both LLaMA 70B, and GPT-3.5 in most benchmarks.[49]

In March 2024, research conducted by Patronus AI comparing performance of LLMs on a 100-question test with prompts to generate text from books protected under U.S. copyright law found that Open AI's GPT-4, Mixtral, Meta AI's LLaMA-2, and Anthropic's Claude 2 generated copyrighted text verbatim in 44%, 22%, 10%, and 8% of responses respectively.[50][51]

Mistral Small 3.1

On 17 March 2025, Mistral released Mistral Small 3.1 as a smaller, more efficient model.[52][non-primary source needed][53]

Mistral Medium 3

On 7 May 2025, Mistral AI released Mistral Medium 3.[54][non-primary source needed]

Magistral Small and Magistral Medium

On 10 June 2025, Mistral AI released their first AI reasoning models: Magistral Small (open-source), and Magistral Medium, models which are purported to have chain-of-thought capabilities.[55][56]

See also

References

  1. ↑ Bradshaw, Tim; Abboud, Leila (30 January 2025). "Has Europe's great hope for AI missed its moment?". Financial Times. https://www.ft.com/content/fa8bad75-dc55-47d9-9eb4-79ac94e54d82. 
  2. ↑ 2.0 2.1 "Buzzy Startup Just Dumps AI Model That Beats GPT-3.5 Into a Torrent Link" (in en). Gizmodo. 2023-12-12. https://gizmodo.com/mistral-artificial-intelligence-gpt-3-openai-1851091217. 
  3. ↑ "What is Mistral AI?". October 2024. https://www.ibm.com/think/topics/mistral-ai. 
  4. ↑ "France's Mistral AI releases ChatGPT rival and partners with Microsoft" (in en). 2024-02-26. https://www.euronews.com/next/2024/02/26/microsoft-partners-with-french-ai-start-up-mistral-ai-as-it-unveils-new-ai-tool. 
  5. ↑ Vinn, Milana; Cherney, Max A.; Vinn, Milana; Cherney, Max A. (2025-09-07). "Exclusive: ASML becomes Mistral AI’s top shareholder after leading latest funding round, sources say" (in en). Reuters. https://www.reuters.com/world/europe/asml-becomes-mistral-ais-top-shareholder-after-leading-latest-funding-round-2025-09-07/. "Last week, Bloomberg News reported that Mistral's funding round is set for a $14 billion valuation." 
  6. ↑ 6.0 6.1 Journal, Sam Schechner | Photographs by Edouard Jacquinet for The Wall Street. "The 9-Month-Old AI Startup Challenging Silicon Valley's Giants" (in en-US). WSJ. https://www.wsj.com/tech/ai/the-9-month-old-ai-startup-challenging-silicon-valleys-giants-ee2e4c48. 
  7. ↑ "Spotlight Interview: Mistral AI CEO Arthur Mensch". The French Tech Journal. 24 June 2024. https://frenchtechjournal.com/spotlight-interview-mistral-ai-arthur-mensch/. 
  8. ↑ "France's unicorn start-up Mistral AI embodies its artificial intelligence hopes". Le Monde.fr. 12 December 2023. https://www.lemonde.fr/en/economy/article/2023/12/12/french-unicorn-start-up-mistral-ai-embodies-its-artificial-intelligence-hopes_6337125_19.html. 
  9. ↑ "Mistral lève 385 M€ et devient une licorne française - le Monde Informatique". 11 December 2023. https://www.lemondeinformatique.fr/actualites/lire-mistral-leve-385-meteuro-et-devient-une-licorne-francaise-92392.html. 
  10. ↑ Metz, Cade (10 December 2023). "Mistral, French A.I. Start-Up, Is Valued at $2 Billion in Funding Round". The New York Times. https://www.nytimes.com/2023/12/10/technology/mistral-ai-funding.html. 
  11. ↑ Abboud, Leila; Levingston, Ivan; Hammond, George (8 December 2023). "French AI start-up Mistral secures €2bn valuation". Financial Times (ft.com Financial Times). https://www.ft.com/content/ea29ddf8-91cb-45e8-86a0-f501ab7ad9bb. 
  12. ↑ Abboud, Leila; Levingston, Ivan; Hammond, George (19 April 2024). "Mistral in talks to raise €500mn at €5bn valuation". Financial Times. https://www.ft.com/content/358fc1d8-8276-4e81-9ee6-e0391575d569. 
  13. ↑ Kharpal, Arjun (2024-05-24). "CEOs of AI startups backed by Microsoft and Amazon are the new tech rockstars" (in en). https://www.cnbc.com/2024/05/24/mistral-ai-anthropic-ceos-are-the-new-tech-rockstars-in-ai-boom.html. 
  14. ↑ Bratton, Laura (2024-06-12). "OpenAI's French rival Mistral AI is now worth $6 billion. That's still a fraction of its top competitors". Quartz (publication). https://qz.com/openai-mistral-ai-funding-valuation-microsoft-1851535049. 
  15. ↑ "Mistral targets $10bn valuation in new fundraising push". https://www.ft.com/content/c824d775-d5e9-479d-8872-bb7c2cc702dc. 
  16. ↑ Clark, Kate (2025-09-03). "Mistral Set for $14 Billion Valuation With New Funding Round". https://www.bloomberg.com/news/articles/2025-09-03/mistral-set-for-14-billion-valuation-with-new-funding-round. 
  17. ↑ Mackrael, Sam Schechner and Kim. "Mistral AI Doubles Valuation to $14 Billion With ASML Investment" (in en-US). https://www.wsj.com/tech/ai/asml-to-invest-1-5-billion-in-french-startup-mistral-ai-0d5eb547. 
  18. ↑ Bableshwar (2024-02-26). "Mistral Large, Mistral AI's flagship LLM, debuts on Azure AI Models-as-a-Service" (Press release). techcommunity.microsoft.com. Retrieved 2024-02-26.
  19. ↑ Sharma, Shubham (2024-02-26). "Mistral partners with Microsoft, announces new large AI model with chat app" (in en-US). https://venturebeat.com/ai/mistral-partners-with-microsoft-announces-new-large-ai-model-with-chat-app/. 
  20. ↑ "CMA CGM et Mistral AI nouent un partenariat de 100 millions d'euros dans l'intelligence artificielle" (in fr). 2025-04-06. https://www.lefigaro.fr/societes/cma-cgm-et-mistral-ai-nouent-un-partenariat-de-100-millions-d-euros-dans-l-intelligence-artificielle-1-20250406. 
  21. ↑ Trompiz, Gus; Loeve, Florence; Trompiz, Gus (2025-04-06). "Shipping giant CMA CGM and French AI startup target customer service in tie-up" (in en). Reuters. https://www.reuters.com/technology/artificial-intelligence/shipping-giant-cma-cgm-french-ai-startup-target-customer-service-tie-up-2025-04-06/. 
  22. ↑ Franzen, Carl (2024-11-18). "Mistral unleashes Pixtral Large and upgrades Le Chat into full-on ChatGPT competitor" (in en-US). https://venturebeat.com/ai/mistral-unleashes-pixtral-large-and-upgrades-le-chat-into-full-on-chatgpt-competitor/. 
  23. ↑ "On a testé "Le Chat", l'intelligence artificielle 100% française" (in French). February 10, 2025. https://www.ledauphine.com/science-et-technologie/2025/02/10/on-a-teste-le-chat-l-intelligence-artificielle-100-francaise. Retrieved June 24, 2025. 
  24. ↑ "Mistral releases its genAI assistant Le Chat for IOS and Android". 2025-02-07. https://www.computerworld.com/article/3819932/mistral-releases-its-ai-assistant-le-chat-for-ios-and-android.html. 
  25. ↑ "Models Overview". https://docs.mistral.ai/getting-started/models/models_overview/. 
  26. ↑ 26.0 26.1 "Magistral". 10 June 2025. https://mistral.ai/news/magistral. 
  27. ↑ "Devstral". 21 May 2025. https://mistral.ai/news/devstral. 
  28. ↑ "Medium is the new large.". 7 May 2025. https://mistral.ai/news/mistral-medium-3/. 
  29. ↑ 29.00 29.01 29.02 29.03 29.04 29.05 29.06 29.07 29.08 29.09 29.10 29.11 29.12 29.13 29.14 29.15 29.16 "Models Overview". https://docs.mistral.ai/getting-started/models/models_overview/. 
  30. ↑ "Mistral Small 3.1 | Mistral AI" (in en). https://mistral.ai/news/mistral-small-3-1. 
  31. ↑ "Mistral has entered the chat" (in en-us). 2024-11-18. https://mistral.ai/news/mistral-chat/. 
  32. ↑ 32.0 32.1 David, Emilia (2024-07-16). "Mistral releases Codestral Mamba for faster, longer code generation" (in en-US). https://venturebeat.com/ai/mistral-releases-codestral-mamba-for-faster-longer-code-generation/. 
  33. ↑ AI, Mistral (2024-07-16). "Codestral Mamba" (in en-us). https://mistral.ai/news/codestral-mamba/. 
  34. ↑ 34.0 34.1 AI, Mistral (2024-07-16). "MathΣtral" (in en-us). https://mistral.ai/news/mathstral/. 
  35. ↑ Sharma, Shubham (2024-05-29). "Mistral announces Codestral, its first programming focused AI model" (in en-US). https://venturebeat.com/ai/mistral-announces-codestral-its-first-programming-focused-ai-model/. 
  36. ↑ Wiggers, Kyle (2024-05-29). "Mistral releases Codestral, its first generative AI model for code" (in en-US). https://techcrunch.com/2024/05/29/mistral-releases-its-first-generative-ai-model-for-code/. 
  37. ↑ @MistralAI. "Torrent". https://twitter.com/MistralAI/status/1777869263778291896.  Missing or empty |date= (help)
  38. ↑ 38.0 38.1 "mistralai/Mixtral-8x22B-v0.1 · Hugging Face". https://huggingface.co/mistralai/Mixtral-8x22B-v0.1. 
  39. ↑ "Mistral Releases Latest Open Source Model, Mixtral 8x22B". Pure AI. 17 April 2024. https://pureai.com/Articles/2024/04/17/Mistral-Mixtral-8x22B.aspx. 
  40. ↑ AI, Mistral (2024-02-26). "Au Large" (in en-us). https://mistral.ai/news/mistral-large/. 
  41. ↑ Boyd, Eric (2024-02-26). "Introducing Mistral-Large on Azure in partnership with Mistral AI" (in en-US). https://azure.microsoft.com/en-us/blog/microsoft-and-mistral-ai-announce-new-partnership-to-accelerate-ai-innovation-and-introduce-mistral-large-first-on-azure/. 
  42. ↑ AI, Mistral (2023-12-11). "La plateforme" (in en-us). https://mistral.ai/news/la-plateforme/. 
  43. ↑ 43.0 43.1 43.2 "Mixtral of experts" (in en-us). 2023-12-11. https://mistral.ai/news/mixtral-of-experts/. 
  44. ↑ "Mixture of Experts Explained". https://huggingface.co/blog/moe. 
  45. ↑ Marie, Benjamin (2023-12-15). "Mixtral-8x7B: Understanding and Running the Sparse Mixture of Experts" (in en). https://towardsdatascience.com/mixtral-8x7b-understanding-and-running-the-sparse-mixture-of-experts-0e3fc7fde818. 
  46. ↑ Goldman, Sharon (2023-12-08). "Mistral AI bucks release trend by dropping torrent link to new open source LLM" (in en-US). https://venturebeat.com/ai/mistral-ai-bucks-release-trend-by-dropping-torrent-link-to-new-open-source-llm/. 
  47. ↑ Coldewey, Devin (27 September 2023). "Mistral AI makes its first large language model free for everyone". https://techcrunch.com/2023/09/27/mistral-ai-makes-its-first-large-language-model-free-for-everyone/. 
  48. ↑ 48.0 48.1 "Mistral 7B" (in en-us). Mistral AI. 27 September 2023. https://mistral.ai/news/announcing-mistral-7b/. 
  49. ↑ Franzen, Carl (2023-12-11). "Mistral shocks AI community as latest open source model eclipses GPT-3.5 performance" (in en-US). https://venturebeat.com/ai/mistral-shocks-ai-community-as-latest-open-source-model-eclipses-gpt-3-5-performance/. 
  50. ↑ Field, Hayden (March 6, 2024). "Researchers tested leading AI models for copyright infringement using popular books, and GPT-4 performed worst". CNBC. https://www.cnbc.com/2024/03/06/gpt-4-researchers-tested-leading-ai-models-for-copyright-infringement.html. 
  51. ↑ "Introducing CopyrightCatcher, the first Copyright Detection API for LLMs". Patronus AI. March 6, 2024. https://www.patronus.ai/blog/introducing-copyright-catcher. 
  52. ↑ "Mistral Small 3.1 | Mistral AI" (in en). https://mistral.ai/news/mistral-small-3-1. 
  53. ↑ Séramour, Célia. "Mistral AI fait les yeux doux à la communauté open source avec son dernier modèle Small 3". https://www.usine-digitale.fr/article/mistral-fait-les-yeux-doux-a-la-communaute-open-source-avec-son-dernier-modele-small-3.N2226631. 
  54. ↑ "Medium is the new large" (in en). https://mistral.ai/news/mistral-medium-3. 
  55. ↑ Wiggers, Kyle (2025-06-10). "Mistral releases a pair of AI reasoning models" (in en-US). https://techcrunch.com/2025/06/10/mistral-releases-a-pair-of-ai-reasoning-models/. 
  56. ↑ Mukherjee, Supantha; Cai, Kenrick; Mukherjee, Supantha; Cai, Kenrick (2025-06-10). "France's Mistral launches Europe's first AI reasoning model" (in en). Reuters. https://www.reuters.com/business/frances-mistral-launches-europes-first-ai-reasoning-model-2025-06-10/. 
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