By Mauro Orru
Mistral AI said it had raised $830 million from a consortium of banks in its first debt-financing operation, securing financial backing to run a new data center that will be powered by Nvidia chips.
The French artificial-intelligence startup selected a site in Bruyeres-le-Chatel near Paris in February last year for its first data center to power the training of AI models through 13,800 of Nvidia's advanced GB300 AI chips, with operations expected to start in the second quarter.
HSBC Holdings, Mitsubishi UFJ Financial Group, BNP Paribas, Credit Agricole CIB, Natixis CIB, La Banque Postale and Bpifrance formed the consortium that is providing Mistral AI with the financing needed to run the data center.
The deal shows that major financial institutions continue to see promise in the European AI startup as it seeks to compete with better funded rivals in the U.S. for both private and government clients.
International Business Machines, Cisco Systems, SAP, carmaker Stellantis and Dutch chip-equipment giant ASML Holding are among several high-profile companies that are leveraging Mistral AI's models, according to the company's website. Mistral AI has also struck partnerships with European governments, Singapore and Morocco.
Last month, Mistral AI struck an agreement to make its models available to Dublin-headquartered Accenture, adding the technology consulting group to its growing list of clients. Also last month, Mistral AI clinched its first acquisition with the purchase of infrastructure startup Koyeb as it seeks to bolster computing capabilities.
Mistral AI is seeking to expand its infrastructure in Europe to meet growing demand for AI services, setting out an objective to secure 200 megawatts of capacity across the continent by the end of 2027. Last month, the startup said it would invest 1.2 billion euros, equivalent to $1.38 billion, to deliver a new data center in Sweden that is expected to enter service next year.
"We will continue to invest in this area, given the surging and sustained demand from governments, enterprises and research institutions seeking to build their own customized AI environment, rather than depend on third-party cloud providers," Chief Executive Arthur Mensch said.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
March 30, 2026 05:32 ET (09:32 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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