Mistral AI is a French artificial intelligence company founded in Paris in April 2023 by Arthur Mensch, Timothée Lacroix, and Guillaume Lample, three researchers who had worked at Google DeepMind and Meta. In under three years it became Europe's most significant answer to the American labs, and it did it on a combination no other frontier lab offers: genuinely open weights, aggressive pricing, and the whole operation run from inside the European Union.
That strategy has been funded properly. Mistral raised €1.7 billion in September 2025 in a Series C led by the Dutch chip-equipment maker ASML, at an €11.7 billion post-money valuation. On 8 September 2026 it raised a further €3 billion in a Series D led by Samsung Electronics, at a post-money valuation above €21 billion, which Mistral says is the largest equity fundraising round ever completed by a European technology company. Its customer list reads like a European industrial register: BNP Paribas, Stellantis, SNCF, La Banque Postale, CMA CGM, and the Government of Luxembourg.
For everyday work, Mistral is fast, cheap, and unusually good in European languages. The cost-efficient flagship, Mistral Large, runs at $0.50 per million input tokens and $1.50 per million output tokens, which undercuts the American flagships by an order of magnitude, and Mistral Medium 3.5 is the model Mistral itself recommends for most general tasks and coding. Alongside the hosted models, Mistral keeps publishing open-weight releases. Most of them are Apache 2.0, which lets anyone use, distribute, modify, and share them for any purpose; some, including Devstral 2, ship instead under a modified MIT license with the same permissions plus one condition, that companies with monthly revenue above $20 million buy a commercial license or run the model through Mistral Studio. Check the model card before you build on one.
Le Chat is now Vibe: If you remember Mistral's assistant as "le Chat", this is it. Mistral's own help center announced on 12 August 2026 that le Chat had become Vibe, its unified agent for professional productivity and coding, in its words the new name for what you knew as le Chat with a broader set of capabilities. Accounts, plans, conversations, and saved content all carried over. It comes in three modes: Vibe Work for multi-step tasks across your apps, Vibe Code for developers, and Vibe Chat, the turn-based conversation le Chat was known for. The URL did not change: chat.mistral.ai still works.