Mistral AI

Mistral AI SAS is a French artificial intelligence company, headquartered in Paris. Founded in 2023, it has open-weight large language models, with both open-source and proprietary AI models. As of 2025 the company has a valuation of more than US$14 billion.

Namesake

The company is named after the mistral, a powerful, cold wind in southern France, 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.
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.
The trio originally met during their studies at École Polytechnique.

Company operation

Funding

In June 2023, the start-up carried out a first fundraising of €105 million with investors including the American fund Lightspeed Venture Partners, Eric Schmidt, Xavier Niel and JCDecaux. The valuation was then estimated by the Financial Times at €240 million.
On 10 December 2023, Mistral AI announced that it had raised €385 million as part of its second fundraising. This round of financing involves the Californian fund Andreessen Horowitz, BNP Paribas and the software publisher Salesforce.
By December 2023, it was valued at over $2 billion.
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.
In June 2024, Mistral AI secured a €600 million funding round, increasing its valuation to €5.8 billion. 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.
In August 2025, the Financial Times reported that Mistral was in talks to raise $1 billion at a $10 billion valuation. In September 2025, Bloomberg announced that Mistral AI has secured a €2 billion investment valuing it at €12 billion. This comes after $1.5 billion investment from Dutch company ASML, which owns 11% of Mistral.

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. The partnership also included a financial investment of $16 million by Microsoft in Mistral AI.
In April 2025, Mistral AI announced a €100 million partnership with the shipping company CMA CGM.

Services

On 19 November, 2024, the company announced updates for Le Chat. It added the ability to create images, using Black Forest Labs' Flux Pro model.
On 6 February 2025, Mistral AI released Le Chat on iOS and Android mobile devices.
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.

Models

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

Name	Release date	Status	Number of parameters	License	Notes
Devstral Small 2			24		Compact, locally deployable coding model.
Devstral 2			123		Dense model.
Mistral Large 3			675		A sparse mixture-of-experts models.
Ministral 3			3, 8 and 14		Three small, dense models with image understanding.
Magistral Medium 1.2 25.09					A refresh of Magistral Medium.
Magistral Small 1.2 25.09			24		A refresh of Magistral Small.
Mistral Medium 3.1 25.08					A refresh of Mistral Medium 3, with improved tone and performance.
Codestral 25.08					Code generation model.
Voxtral Small			24		Speech understanding model.
Voxtral Mini			3		Speech understanding model.
Devstral Medium 1.0					Agentic coding model.
Devstral Small 1.1 25.07			24		Agentic coding model.
Mistral Small 3.2 25.06			24		A refresh of Mistral Small 3.1.
Magistral Medium					Enterprise reasoning model.
Magistral Small			24		Open-weight reasoning model.
Devstral Small 25.05			24		Agentic model for software engineering tasks.
Mistral Medium 3 25.05					Enterprise model available for on-premise deployment.
Mistral Small 3.1 25.03			24		A new leader in the small models category with image understanding capabilities, with the latest version v3.1 released March 2025.
Mistral Small 3 25.01			24		Release in January 2025, Mistral Small 3 features 24B parameters.
Codestral 25.01					Code generation model.
Mistral Large 2 24.11			123
Pixtral Large 24.11			124		On November 19, 2024, the company introduced Pixtral Large, which integrates a 1-billion-parameter visual encoder coupled with Mistral Large 2.
Ministral 8B 24.10			8
Ministral 3B 24.10			3
Pixtral 24.09			12
Mistral Large 2 24.07			123		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.
Codestral Mamba 7B			7		Codestral Mamba is based on the Mamba 2 architecture, which allows it to generate responses with longer input. 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.
Mathstral 7B			7		Mathstral 7B is a model with 7 billion parameters released by Mistral AI on July 16, 2024, focusing on STEM subjects. The model was produced in collaboration with Project Numina, and was released under the Apache 2.0 License with a context length of 32k tokens.
Codestral 22B			22		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 Codestral has its own license which forbids the usage of Codestral for commercial purposes.
Mixtral 8x22B			141		Similar to Mistral's previous open models, Mixtral 8x22B was released via a BitTorrent link on Twitter on April 10, 2024, with a release on Hugging Face soon after. 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.
Mistral Small					Like the Large model, Mistral Small was launched on February 26, 2024.
Mistral Large 24.02					Mistral Large was launched on February 26, 2024. It outputs in English, French, Spanish, German, and Italian, and provides coding capabilities. It is available on Microsoft Azure.
Mistral Medium					Mistral Medium is trained in various languages including English, French, Italian, German, Spanish. The number of parameters, and architecture of Mistral Medium is not known as Mistral has not published public information about it.
Mixtral 8x7B			46.7		Much like Mistral's first model, Mixtral 8x7B was released via a BitTorrent link posted on Twitter on December 9, 2023, and later Hugging Face and a blog post were released two days later. 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. Each single token can only use 12.9B parameters, therefore giving the speed and cost that a 12.9B parameter model would incur. A version trained to follow instructions called “Mixtral 8x7B Instruct” is also offered.
Mistral 7B			7.3		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, and Hugging Face 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.