How to invest in Mistral AI stock pre-IPO
The race for AI adoption may appear to center on competition between companies such as OpenAI and Anthropic, but smaller competitors are making a significant impact too. In Europe, the French company Mistral AI has emerged as a homegrown alternative to some of the more popular LLM developers.
While still a fraction of the size of AI leaders like OpenAI and Anthropic, Mistral has grown quickly since launching in 2023, reaching an approximately $14 billion post-money valuation from its Series C, announced in September 2025.1 This round included ASML taking an approximately 11% stake in Mistral, with the two agreeing to a strategic partnership that enables ASML to use Mistral's models.
Netherlands-based ASML is one of the largest companies in Europe and makes equipment that enables much of the world's AI chip production, including for companies like Nvidia.
Mistral has also forged partnerships with other tech leaders like Microsoft, which invested approximately 15 million euros in 2024.3 While that was for a less than 1% stake at the time, as TechCrunch reported, the strategic partnership included distribution of Mistral models through Microsoft Azure.
But unlike OpenAI and Anthropic's apparent race toward the public markets, Mistral has indicated that an IPO is a distant goal, not a near-term one. In January 2025, Mistral's CEO, Arthur Mensch, told Bloomberg that the company was not for sale but an IPO is "the plan."4 However, in March 2025 he clarified in a Fortune interview that an IPO is more of a long-term goal, not something currently in the works.2
Still, interested investors may be able to invest in Mistral AI stock pre-IPO through a private marketplace like Forge, subject to availability and investor eligibility. Retail investors may also be able to gain indirect exposure through other assets, as this guide will examine.
Mistral AI: Company background
Mistral, based in Paris, was founded in April 2023 by Arthur Mensch (CEO), Timothée Lacroix (CTO) and Guillaume Lample (Chief Scientist Officer), all of whom have backgrounds in AI research.5 Mensch previously worked at Google's DeepMind, while Lacroix and Lample worked at Meta.
Part of the company's success has been tapping into European demand for a local AI alternative, rather than relying primarily on U.S.-based companies. Its chatbot Le Chat, for example, offers an alternative to options like OpenAI's ChatGPT.
Mistral also differentiates itself by offering more open-source models than many competitors, although the company also has premium models that are closed.
Mistral AI funding history
Mistral AI's primary funding history began with a mid-2023 seed round that brought in $113 million, starting the company at a $260 million valuation. This round was led by Lightspeed Venture Partners.5
By the end of 2023, Mistral raised about $415 million more, bringing its valuation to around $2 billion, in a Series A led by Andreessen Horowitz.3
In June 2024, the Mistral Series B, led by General Catalyst, brought in approximately $640 million, bringing its valuation to $6 billion.9
Most recently, Mistral raised around $2 billion for its Series C, led by ASML, along with investors such as Nvidia, more than doubling its valuation to approximately $14 billion.1
At this time, Mistral AI's Forge Price is unknown. Check back here or create an account with Forge for more updates on Mistral's stock and valuation data.
Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.
Mistral AI revenue and business model
Mistral generates revenue through its commercial AI offerings, providing both API access to its proprietary models and enterprise deployment solutions. The company reportedly has more than 100 enterprise clients, with approximately 60% of revenue coming from Europe.7
At the World Economic Forum in Davos in January 2026, CEO Arthur Mensch said Mistral should break one billion euros (around $1.2 billion) in revenue in 2026.6 The Financial Times also reported in February 2026 that Mistral had already crossed $400 million in annual recurring revenue (ARR), representing roughly 20-fold growth from the prior year.7
Mistral's business model spans open-source models that drive developer adoption and premium closed models for enterprise customers. The company also operates Le Chat, a consumer chatbot competing with ChatGPT. In February 2026, Mistral made its first acquisition, buying French cloud infrastructure startup Koyeb to strengthen its vertical integration and advance its full-stack AI cloud ambitions.8
How to buy Mistral AI stock
As a private company, at least for the time being, Mistral AI's stock is not for sale to the general public. However, accredited investors may be able to buy Mistral AI stock through Forge's next-generation marketplace for private market trades, subject to availability.
Forge's technology and relationships may help facilitate trading private company shares in companies like Mistral AI, along with other private market tech companies.
Who can invest in Mistral AI pre-IPO?
Investment in a non-public company like Mistral AI is typically limited to accredited investors, due to U.S. regulations that generally restrict the offer and sale of private company securities to such investors.
Some large accredited investors, such as VC funds and certain high-net-worth individuals, may be able to invest in Mistral AI if selected to participate in primary funding rounds or strategic investment partnerships. Smaller accredited investors may be interested in accessing Mistral AI stock through a private stock marketplace like Forge, subject to the availability of shares.
Where to buy pre-IPO Mistral AI stock
While pre-IPO Mistral AI stock is not for sale to the general public, accredited investors may be able to find shares for sale through a private marketplace such as Forge for private market trading.
Registered investors with a verified profile may also explore Forge's active opportunities for companies in the AI or broader tech sectors.
How to analyze Mistral AI stock
Private companies generally do not face the same disclosure requirements as public companies, which can make analyzing Mistral AI stock challenging. However, investors can look at the financial data that has been publicly reported.
For example, Mistral's disclosed revenue trajectory and funding round valuations offer a starting point. Investors can examine how the company's approximately $14 billion Series C valuation compares to its reported ARR, and whether that revenue multiple aligns with comparable private AI companies.
Investors might also compare what has been reported about Mistral AI against similar disclosed data from other private market AI and tech companies. That, combined with reviewing Mistral AI's valuation data across its funding rounds and its current Forge Price if available, could help investors determine how Mistral AI's stock compares to similar private companies listed on Forge's marketplace.
Seeing how other AI or tech companies are trading on Forge could help determine what seems like a fair valuation for Mistral AI. Learning more about how the private market works can also provide useful context. There may also be some parallels to draw with public market AI and tech companies.
Still, even when looking at what Mistral has disclosed and the real-time pricing insights on Forge, private market stocks are generally more opaque than public market ones. There can be more subjectivity involved in analyzing Mistral AI stock, along with the valuations of other private market companies.
Potential indirect exposure to Mistral AI for non-accredited investors
While retail investors may be able to invest in Mistral AI if it eventually goes public, for now, direct pre-IPO investment in Mistral AI is generally limited to accredited investors. However, there are publicly available investment options that may provide exposure to broader trends in the AI or general tech industries, which could, in turn, impact companies like Mistral AI.
Some examples include:
- Publicly traded AI hardware companies. There are several publicly traded chip and other hardware companies that serve the AI market, including those like ASML and Nvidia that are also investors in Mistral. These types of companies may have exposure to different markets and customers than Mistral, but there could be some correlation based on broader AI trends. Still, performance may differ based on how these companies respond to factors like changing economic conditions and competition.
- Publicly traded AI software companies. Exposure to AI software companies such as Palantir Technologies and UiPath, or more diversified technology companies like Alphabet and Meta that have developed their own LLMs, may provide another way to participate in the AI sector. These might compete more directly with Mistral, but there could also be correlation based on how the AI market as a whole fares. Still, much depends on how these companies compete for customers, optimize capital and adapt to regulation.
- Broader tech sector funds. Rather than investing in AI hardware or software companies alone, retail investors might look for broader tech exposure by allocating to ETFs or mutual funds that hold a range of companies in areas like AI, cloud computing and other innovative areas like robotics and quantum computing. These funds might have varying degrees of overlap with Mistral, so investors have to weigh what level of indirect exposure to Mistral and AI in general they want versus more diversified tech exposure.
Learn more about investing in Mistral AI on Forge
If you are interested in investing in Mistral AI before a potential IPO when shares become available, you may open a free Forge account to explore more about private company securities.
Once your account is active and your accreditation is verified, you may gain access to real-time private market data, context-rich insights and a marketplace built for self-directed investors. Our experienced team of private market specialists is available to assist throughout the trade lifecycle.
Not sure where to begin? You may wish to review our buyer's guide to investing in private market shares for general educational information. And if questions come up along the way, Forge’s experienced specialists are available to support you.
FAQs about investing in Mistral AI
Where do I buy Mistral AI stock?
As a private company, Mistral AI stock is generally limited to accredited investors. If eligible, however, you may be able to trade Mistral AI stock through a private marketplace such as Forge.
Who can invest in Mistral AI?
Typically, only accredited investors can invest in private market companies like Mistral AI. This can include institutional investors such as VC firms that might participate in primary funding rounds, as well as high-net-worth individuals who may qualify to trade private market stocks in companies like Mistral AI, subject to availability, through a secondary marketplace such as Forge. If it eventually conducts an IPO, then the general public would be able to invest in Mistral.
Is Mistral AI publicly traded?
No. As of May 2026, Mistral AI is a private company and its stock is not available on any public stock exchange. Accredited investors may be able to access Mistral AI shares through a private marketplace like Forge, subject to share availability and transfer restrictions.
Has Mistral AI announced an IPO?
Mistral AI has not announced a specific IPO timeline. CEO Arthur Mensch has described an IPO as a long-term goal but has clarified that it is not currently in the works.2 Investors interested in Mistral AI can monitor developments on Forge's Mistral AI page.
Who are Mistral AI's competitors?
Mistral AI competes with other LLM creators such as OpenAI, Anthropic, xAI, Perplexity and broader tech companies that develop LLMs too, such as Alphabet, Meta and Microsoft to an extent.
