Key Takeaways
- • Latham & Watkins advised General Catalyst and a16z on Mistral AI's €1.7 billion Series C funding round, announced September 9, 2025.
- • The round values French generative AI startup Mistral AI at €11.7 billion post-money.
- • ASML led the round, with participation from General Catalyst, a16z, and other investors.
- • The round follows Mistral AI's €595 million Series B in June 2024, which set a post-money valuation of €5.8 billion.
- • Per a secondary source, ASML committed €1.3 billion and became Mistral AI's largest shareholder with an approximate 11% stake.
Summary
Latham & Watkins has advised General Catalyst and a16z on the €1.7 billion Series C funding round of Mistral AI, the French startup specializing in generative artificial intelligence, according to the law firm's announcement dated September 9, 2025. The round values Mistral AI at €11.7 billion on a post-money basis.
The round was led by ASML, the semiconductor equipment manufacturer, with participation from General Catalyst and a16z alongside other investors. A secondary source reports that ASML committed €1.3 billion as lead investor and became Mistral AI's largest shareholder with an approximate 11% stake.
Latham previously advised General Catalyst and a16z on earlier Mistral AI financings, including the €595 million Series B round in June 2024, which resulted in a post-money valuation of €5.8 billion. The Series C therefore roughly doubles the post-money valuation from the prior round.
The Latham team advising General Catalyst was led by Paris corporate partner Simon Lange, together with Boston partner Stephen Ranere and associate Armand Levivier. The team advising a16z was led by Paris corporate partner Pierre-Louis Cléro, together with Bay Area partner Benjamin Potter and Paris counsel Xavier Nassoy.
The round was led by ASML, the semiconductor equipment manufacturer, with participation from General Catalyst and a16z alongside other investors. A secondary source reports that ASML committed €1.3 billion as lead investor and became Mistral AI's largest shareholder with an approximate 11% stake.
Latham previously advised General Catalyst and a16z on earlier Mistral AI financings, including the €595 million Series B round in June 2024, which resulted in a post-money valuation of €5.8 billion. The Series C therefore roughly doubles the post-money valuation from the prior round.
The Latham team advising General Catalyst was led by Paris corporate partner Simon Lange, together with Boston partner Stephen Ranere and associate Armand Levivier. The team advising a16z was led by Paris corporate partner Pierre-Louis Cléro, together with Bay Area partner Benjamin Potter and Paris counsel Xavier Nassoy.
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