The global race for artificial intelligence continues, but the competition has now transcended the mere quality of models. The game is also being played on the ability to raise capital, build data centers, and secure the computing power needed to support AI development. French Mistral AI has just closed a record-breaking financing, while OpenAI e anthropic They are working with banks in preparation for their respective listings. Meanwhile, Anthropic is abandoning its acquisition of Decart, and OpenAI is strengthening its infrastructure in Malaysia.
Mistral raises €3 billion and doubles its valuation
Mistral AI tries to reduce the distance from the US giants with the largest equity round ever by a technology company European private company. The French startup has 3 billion euros raised, bringing its valuation to approximately 21 billion euros, equivalent to 24 billion dollars. The operation was led by Samsung Electronics, from the Scaleup Europe Fund, backed by the European Union and managed by EQT, and from PSG Equity, which already has a stake. The new financing marks an acceleration compared to the September 2025 round, when Mistral was valued at €11,7 billion.
The company intends to use the resources to develop more advanced models, strengthen its products, and expand its technological infrastructure. A significant portion of the investments will be allocated to data centers and proprietary computing capacity. The CEO Arthur Mensch He explained that in the long term, the group intends to rely fully on its internally built infrastructure, aiming to double its directly owned computing power within the next five years. Mistral has already planned €4 billion in investments in European data centers, with an operational facility near Paris and another under construction in Sweden. These initiatives are complemented by the agreement with Microsoft, which has committed to financing computing capacity based on thousands of Nvidia chips, despite not participating in the latest capital increase.
Chief Financial Officer Johan Bergqvist He stated that Mistral is on track to reach $1 billion in annual recurring revenue by the end of 2026. The company has more than 125 customers and is growing primarily in Asia and North America. A possible listing remains on the table, but Bergqvist clarified that this is "an option for the future" and that no concrete discussions are currently underway.
OpenAI and Anthropic seek approval from rating agencies
If Mistral strengthens its position in Europe, OpenAI e anthropic continue to prepare the ground for their next step: IPOs on Wall StreetMorgan Stanley and Goldman Sachs would have initiated contacts with Fitch, Moody's and S&P to obtain from the agencies a investment-grade rating immediately after the two companies' stock market debut.
The recognition would allow the two groups to gain easier access to the global corporate bond market, valued at $11.700 trillion, reducing the cost of debt needed to finance data centers, chips, and new models. However, this would be an exceptional result for newly listed companies. Groups like Meta, Netflix, and Tesla had to wait at least a decade after their market launch before achieving a similar promotion. The closest precedent is that of SpaceX, which in June became the first major technology company to receive a top-tier rating upon listing. The subsequent weak performance of its bonds, however, calls for caution and highlights the risks of too rapid recourse to the debt market.
In fact, the agencies continue to look at the accounts with caution OpenAI and Anthropic, characterized by losses, negative cash flow, and poor transparency on certain financial metrics. An upgrade in their ratings would also be important for their industrial partners. Nvidia has guaranteed OpenAI a $105 billion credit commitment for a data center in Ohio, while Oracle is aiming to refinance the debt associated with a $300 billion facility. Google and Broadcom have provided guarantees worth tens of billions to support Anthropic.
Anthropic abandons Decart after due diligence
Meanwhile, Anthropic has decided to interrupt negotiations for the acquisition of Decart, an Israeli startup specializing in AI infrastructure optimization. The potential deal could have reached $6 billion, making it one of the largest deals ever made by the company that develops Claude. The withdrawal would have been matured after due diligence, without the parties having reached a definitive agreement. However, a technological collaboration between the two companies is not excluded.
Decart develops systems designed to more efficiently utilize the chips used to train and run models. The company also works on so-called "world models," capable of understanding and simulating certain behaviors of the physical world through text processing and millions of hours of video. Its products include Lucy, a model capable of transforming a person's video in real time and simulating, for example, a virtual try-on of a dress or bag. The technology is also used in live streaming, advertising, and e-commerce. The startup's clients and investors include eBay.
Founded in 2023, Decart raised $300 million in May in a round led by Radical Ventures and backed by Nvidia, Adobe Ventures, Sequoia Capital, and Benchmark, among others. The funding brought its valuation to nearly $4 billion. The decision not to proceed with the acquisition may signal Anthropic's increased caution in deploying capital as infrastructure spending increases and a potential IPO approaches.
OpenAI chooses Malaysia to secure new computing power
Meanwhile, the competition moves to Southeast Asia. The Australian Firmus has signed a multi-year agreement with OpenAI to provide computing power through two data centers located in MalaysiaThe group that controls ChatGPT will thus become one of the Nvidia-backed company's key customers. Thanks to the agreement, Firmus' total contracted capacity exceeds 900 megawatts. The company already has two operational data centers in Australia and Singapore, with five more facilities under development in the Asia-Pacific region. The new facilities will be equipped with Nvidia's next-generation Vera Rubin processors on a large scale.
Firmus has not disclosed the value of the deal, but the deal comes as the company is considering a possible listing, which is set to be one of the largest in Australia in recent years. In its latest financing round, the company was valued at over $10,5 billion, with backing from Nvidia, Jane Street, Blackstone funds, and Coatue Management.
Malaysia has become the data center market with the fastest growth in Southeast Asia, even though the development of these systems is raising questions about water and energy consumption. The AI game is global, and having the most advanced model is no longer enough: we need capital, chips, energy, and infrastructure capable of supporting it on an industrial scale.
