Dutch semiconductor equipment maker ASML has made a major move in Europe’s artificial intelligence sector, investing €1.3 billion ($1.5 billion) to become the largest shareholder in French AI startup Mistral AI.
The investment gives ASML an 11% stake in Mistral, which raised a total of €1.7 billion ($2 billion) in its latest funding round, pushing its valuation to €11.7 billion, making it Europe’s most valuable AI company, News.Az reports, citing Reuters.
ASML plans to integrate Mistral’s AI models across its semiconductor equipment portfolio and will take a seat on Mistral’s strategic committee through CFO Roger Dassen. The collaboration pairs one of Europe’s leading tech companies with the continent’s most promising AI startup, positioning Mistral as a credible rival to U.S. AI giants such as OpenAI, Meta, and Google.
Founded in 2023 by former researchers from Google DeepMind and Meta, Mistral has emerged as a key part of France’s strategy to establish itself as a leading AI competitor. Despite its rapid growth, Mistral’s valuation remains a fraction of its U.S. counterparts, with OpenAI reportedly targeting $500 billion in a potential stock sale.
ASML’s ties to France have strengthened in recent months, including appointing former French Finance Minister Bruno Le Maire as a special adviser and having French CEO Christophe Fouquet at the helm since 2024. Analysts note that partnerships like this make it easier for ASML to develop AI-based products collaboratively rather than in-house.
Other investors in Mistral’s funding round include DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed, and Nvidia. Following the announcement, ASML shares rose 1% in early Amsterdam trading, valuing the company at €268 billion.
