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French AI lab Mistral has raised €3 billion in a Series D funding round led by Samsung, Scaleup Europe, and PSG Equity, valuing the company at €21 billion. The round underscores growing investor interest in building AI capabilities independent of major US and Chinese providers, often framed as 'sovereign AI.' The funding will likely bolster Mistral's position as Europe's leading homegrown AI lab, as governments and corporations on the continent increasingly seek AI infrastructure and models developed domestically rather than relying solely on American firms.