AI Company Valued at $260 Million. It’s Only Four Weeks Old.

Mistral AI, a Record-Breaking Story

Ignacio de Gregorio
7 min readJun 16, 2023
Source: Author with Diffusion Model

Before you read my article, take a quick look at this website.

Seems like the most ‘mid’ website ever, right? Literally three lines of text, a cinematic background, and a link to contact the team.

A high-school project at most.

The reason for this is simple. This is a company with no customers, almost no team besides its founders, and no product.

Not. one. single. product.

And the reason for all of this is because the company didn’t exist one month ago… as it’s just four weeks old.

And why am I talking about such a pointless topic?

Because this company has been valued at a staggering $260 million after raising $113 million to try and build a vision that, if achieved, will be one of the greatest successes in the history of open-source AI.

Why?

Because it’s promising the best open-source generative AI models for a future where, for once, power and profits aren’t secured by the same bunch of trillion-dollar companies.

But is this the most absurd valuation in the history of capitalism, or is a promise really worth $260 million when

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Ignacio de Gregorio

I break down frontier AI systems in easy-to-understand language for you. Sign up to my newsletter here: https://thetechoasis.beehiiv.com/subscribe