ASML Backs OpenAI Rival Mistral To Whopping $14B Valuation Amid Improving Retail Trader Confidence

Mistral AI, OpenAI's European rival, said on Tuesday that it raised a 1.7 billion-euro (about $1.8 billion) investment led by semiconductor equipment giant ASML Holding NV.

The series C round values Mistral at 11.7 billion euros (about $14 billion), post-money, and includes participation from existing investors, including DST Global, Andreessen Horowitz, and Nvidia. That implies a more than doubling in valuation secured in June last year, with ASML now having an 11% fully diluted stake in Mistral.

"The collaboration between Mistral AI and ASML aims to generate clear benefits for ASML customers through innovative products and solutions enabled by AI," ASML CEO Christophe Fouquet said in a statement.

Reuters first reported the deal, based on information from its sources, on Sunday. That report said ASML was investing $11.5 billion. 

On Stocktwits, the retail sentiment for ASML improved to 'neutral' as of early Tuesday, from 'bearish' the previous day. A user said the "diversification move that expands ASML's reach beyond cyclical semiconductor equipment into the explosive AI sector."

Noting the investment news, Bank of America analysts previously said the deal helps ASML on multiple levels. The company’s U.S.-listed stock rose nearly 2% on Monday before slipping in extended trading.

It would give ASML a peek into AI development trends, particularly regarding future requirements for logic and memory chips, and allow the company to participate in policy discussions surrounding artificial intelligence governance and export controls, BofA stated.

Paris, France-headquartered Mistral offers open-source AI models for various tasks, which are also available on leading cloud and AI platforms from Amazon, Microsoft, Google, and IBM.

ASML, meanwhile, is a large strategic supplier of chip-making equipment, including extreme ultraviolet (EUV) lithography machines, to the top chip companies in the world, such as Taiwan Semiconductor Manufacturing Co. and Intel. 

Shares of ASML on the NYSE, which took a blow earlier this year from the onset of Trump’s trade war, are now up over 13% in 2025, outpacing gains on the benchmark S&P 500 and Nasdaq indices.

(1 euro = $1.08)

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