French artificial intelligence startup Mistral AI has closed a €3 billion funding round — the largest in its three-year history — pushing its valuation to €21 billion, nearly double what it was a year ago. South Korean technology giant Samsung was among the investors, with the deal announced amid a state visit to Paris by South Korean President Lee Jae-myung. The Paris-based company, founded in 2023 by former researchers from Meta and Google DeepMind, says it will use the capital to expand its computing infrastructure, reduce reliance on foreign technology providers, and target €1 billion in annual revenues by year's end — signalling a shift from AI research lab to full-scale industrial operator.