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Analysis

September 10, 2025

Does Mistral’s €1.3bn deal with ASML make sense?

The Dutch semiconductor equipment supplier has just made a huge investment in French AI darling Mistral — but the strategy is raising questions


ASML has invested €1.3bn in Mistral's Series C. ©ASML

Europe’s AI poster child Mistral has just announced a €1.7bn Series C led by Dutch semiconductor equipment manufacturer ASML — a move hailed as a huge win for European sovereignty, but which raises questions about the strategy underpinning the deal.

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Daphné Leprince-Ringuet

Daphné Leprince-Ringuet is a senior reporter for Sifted, based in Paris. She covers French tech and writes Sifted's AI and Deeptech newsletter . You can find her on X and LinkedIn

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