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The Late Stage 50 · 2026 edition · #37 of 50

Mistral AI

Our mission is to make frontier AI open to all, and together solve the world's hardest problems.

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US$400m+Run-rate · Jan 2026
—growth not disclosed
#37rank by disclosed revenue

The figure

Revenue
annualized revenue run rate exceeding $400 million
Run-rate · Jan 20261CNBC · 19 May 2026
In US dollars
US$400m+
as stated
Standing
reported
Named press, described source — CNBC; the figure is attributed in the article
Published
19 May 2026
accessed 17 Oct 2026
Evidence
“racked up an annualized revenue run rate exceeding $400 million in January 2026, up from $20 million a year ago” — as read on the source page1CNBC · 19 May 2026
Prior year
$20 million
Run-rate · Jan 20251CNBC · 19 May 2026
Growth
—
not shown: the January 2026 figure is a floor ('exceeding $400 million'), so any rate against the $20 million of a year earlier would itself be a floor.

Context

Founded
2023
2mistral.ai
Headquarters
Paris, France
2mistral.ai
Sector
AI applications
Generative AI: open-weight models and enterprise AI platform
Website
mistral.ai
Status
Private as of 17 October 2026
Reuters (8 Sep 2026, via Yahoo Finance, Reuters byline): CFO Johan Bergqvist said an IPO is 'always of course an optionality' with timing 'still up in the air'.3status check · 17 Oct 2026

Market context

Last round · Forge
Last known valuation $24B (9/8/2026)
4Forge Global · 13 Aug 2026
Clarity Price
$92.04 per share
6M return +157.82%5Clarity (formerly Hiive)
Last round · Clarity
Series D (September 2026): $24.4B post-money, $3.6B raised
5Clarity (formerly Hiive)

Secondary-market indications are published by Forge Global and Clarity (formerly Hiive) on the dates shown; ratings and margins marked “estimate” are a third party's estimates as reported by the named outlet. None is an offer, and none is part of the ranking.

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References

Every figure on this page, by source.

  1. 1CNBC · 19 May 2026www.cnbc.com/2026/05/19/mistral-cnbc-disruptor-50-ranking.html
  2. 2mistral.aimistral.ai/about/
  3. 3status check · 17 Oct 2026finance.yahoo.com/technology/ai/articles/french-ai-company-mistral-hits-050155785.html
  4. 4Forge Global · 13 Aug 2026forgeglobal.com/mistral-ai_stock/
  5. 5Clarity (formerly Hiive)www.clarity.com/browse-companies/mistral-ai-stock

Every link was opened on 17 October 2026 and the figure read on the page. Secondary-market indications, where shown, are provided by Forge Global and Clarity (formerly Hiive), are not offers, and play no part in the ranking.