How to Buy Mistral AI Stock Before the IPO

Mistral AI just became Europe’s most valuable AI startup at $6.51 billion—and it’s barely two years old. Founded by ex-Google DeepMind and Meta researchers, the Paris-based company has positioned itself as the European answer to OpenAI and Anthropic. Naturally, you want in.

The short answer: you almost certainly can’t buy Mistral AI stock. The company remains private with no confirmed secondary market availability, and even accredited investors face extremely limited options. Unlike SpaceX or Stripe, which occasionally appear on platforms like Hiive or Forge, Mistral AI shares simply aren’t trading in meaningful volume.

But there’s a workaround—and it involves a company you’ve heard of. This guide breaks down who might access Mistral shares, why it’s so difficult, and the realistic alternatives for investors who believe in European AI.

Quick Summary

What Is Mistral AI?

Mistral AI burst onto the scene in May 2023, founded by three researchers who left Google DeepMind and Meta to build a European AI powerhouse. CEO Arthur Mensch, along with co-founders Guillaume Lample and Timothée Lacroix, raised $112 million in seed funding before even launching a product—one of the largest seed rounds in European history.

The company develops large language models (LLMs) that compete directly with OpenAI’s GPT and Anthropic’s Claude. Their approach combines open-source releases with commercial offerings:

Key Products:

• Mistral 7B — Open-source model released under Apache 2.0 license
• Mixtral 8x7B — Advanced model using mixture-of-experts architecture
• Mistral Large — Commercial flagship for enterprise customers
• Le Chat — Consumer chatbot competing with ChatGPT
• Codestral — Code generation model for developers
• Voxtral — Audio and speech AI capabilities

What makes Mistral interesting to investors is its positioning. While American AI companies dominate the market, European regulators and enterprises increasingly want AI solutions from companies subject to EU jurisdiction. Mistral has capitalized on this, securing partnerships with major European institutions and building what some call “sovereign AI” for Europe.

The company has raised over $1.19 billion across multiple rounds, with investors including Andreessen Horowitz, General Catalyst, Lightspeed Venture Partners, DST Global, Salesforce, and BNP Paribas.

Can You Buy Mistral AI Stock?

No—and this is one of the most inaccessible private companies for outside investors.

Unlike more established private companies like SpaceX or Stripe, Mistral AI shares don’t appear to be actively trading on secondary market platforms. The company is young (under two years old), the investor base is concentrated among top-tier VCs, and there’s been no significant employee stock liquidation that would create secondary supply.

For Accredited Investors: Even with accredited status, your options are extremely limited. Major secondary market platforms show no confirmed Mistral AI availability:

This could change. As Mistral raises additional rounds and employees seek liquidity, shares may eventually appear on secondary markets. But as of now, there’s no reliable way to purchase Mistral AI stock even with accredited investor status.

For Retail Investors: Direct access is not available. Skip to the alternatives section below.

Why Is Mistral AI So Hard to Access?

Several factors make Mistral unusually difficult to invest in:

1. The Company Is Very Young Founded in May 2023, Mistral is less than two years old. Most private companies don’t see significant secondary market activity until they’re 5-7 years old with multiple funding rounds and employee liquidity events.

2. Concentrated Investor Base Mistral’s investors are primarily institutional VCs (Andreessen Horowitz, General Catalyst, DST Global) who don’t need to sell. Unlike companies with hundreds of small investors, there’s no natural selling pressure.

3. European Headquarters Secondary market platforms primarily serve U.S. private companies. European companies like Mistral have less infrastructure for secondary trading, and cross-border transactions add complexity.

4. No Employee Liquidity Programs Many private companies allow employees to sell shares through structured programs. Mistral hasn’t announced any such program, limiting supply.

Accredited Investor Requirements

If Mistral shares do become available, you’ll need accredited investor status. The SEC defines accredited investors as individuals meeting at least one criterion:

Income Test:

• $200,000+ annual income for the past two years (individual), OR
• $300,000+ combined with spouse
• Reasonable expectation of the same income this year

Net Worth Test:

• $1 million+ net worth, excluding primary residence

Professional Credentials:

• Series 7, 65, or 82 licenses
• Certain professional designations

Reality Check: Even with accredited status, there’s no guarantee you’ll find Mistral shares available. The accreditation unlocks access to platforms—it doesn’t guarantee inventory.

Alternatives for Retail Investors

You can’t buy Mistral AI directly, but you can get exposure to its success—and the AI sector broadly—through public markets.

1. Microsoft (MSFT) — The Direct Connection

Microsoft made a $16 million strategic investment in Mistral AI in February 2024, alongside an Azure partnership to distribute Mistral’s models through Microsoft’s cloud platform.

The Caveat: $16 million is a rounding error for Microsoft. At Microsoft’s ~$3 trillion market cap, the Mistral investment represents approximately 0.0005% of the company’s value. You’re not really buying Mistral exposure—you’re buying Microsoft with a tiny Mistral option attached.

Why It Still Matters: Microsoft’s AI strategy extends far beyond Mistral. The company’s $13 billion OpenAI investment, Azure AI services, and Copilot products make it the most diversified AI play in public markets. If you believe in AI broadly, Microsoft offers exposure to multiple bets.

2. AI Infrastructure Plays

If you believe Mistral will succeed, you believe AI will succeed. These companies benefit regardless of which AI company wins:

3. AI-Focused ETFs

For diversified AI exposure without picking individual winners:

Note: None of these ETFs hold Mistral AI directly (it’s private). They provide exposure to the AI ecosystem.

4. European Tech Alternatives

If you specifically want European AI/tech exposure:

5. Wait for the IPO

The most straightforward path to Mistral ownership is waiting for a public offering. The company hasn’t announced IPO plans, but at its current growth trajectory, a public listing within 3-5 years is plausible.

Pros:

• No accreditation required
• Full liquidity
• Regulated market protections
• Audited financials available

Cons:

• Timing uncertain (could be years)
• IPO price may be higher than current valuation
• Early growth phase will have passed

Valuation History

Mistral AI’s valuation trajectory has been extraordinary, even by AI startup standards:

Total Raised: $1.19+ billion in under two years

Valuation Growth: From $260 million to $6.51 billion in 13 months—a 25x increase.

This rapid appreciation reflects both genuine progress (model releases, partnerships, revenue growth) and the broader AI funding frenzy. Whether the current valuation is justified depends on execution over the next several years.

Risks of Investing in Mistral AI

Even if you could access Mistral shares, significant risks exist:

Liquidity Risk: You Can’t Sell

With no active secondary market, any Mistral investment is effectively locked until an IPO or acquisition. This could mean 5-10 years with no exit option. If you need the capital, you’re stuck.

Valuation Risk: The Price May Be Wrong

Mistral’s valuation jumped from $2 billion to $6.51 billion in six months—a 225% increase. Private market valuations are negotiated between companies and sophisticated investors, not set by open market trading. The IPO price could be significantly lower.

Cautionary Example: Instacart was valued at $39 billion in private markets in 2021. Its 2023 IPO priced at $9.9 billion—a 75% haircut.

Competition Risk: Giants Are Circling

Mistral competes against companies with vastly more resources:

• OpenAI: $150+ billion valuation, Microsoft backing
• Anthropic: $60+ billion valuation, Amazon/Google backing
• Google: Gemini models, infinite resources
• Meta: Llama models, open-source strategy

Being “Europe’s AI champion” is meaningful for regulatory and enterprise sales, but may not be enough to compete at the frontier of AI research.

Regulatory Risk: The EU AI Act

The EU AI Act creates compliance requirements that could affect Mistral’s operations. While being EU-based may help with European customers, it also means navigating stricter regulations than U.S. competitors face.

Dilution Risk: More Rounds Coming

Mistral has raised three major rounds in 18 months and is reportedly seeking another $1 billion. Each round creates new shares, diluting existing investors. By the time Mistral IPOs, early secondary market buyers may own a smaller percentage than they expected.

When Will Mistral AI Go Public?

Official Position: Mistral AI has not announced IPO plans or timeline.

Analyst Speculation: Given the company’s age (under 2 years), growth trajectory, and continued private funding availability, an IPO within the next 3-5 years seems reasonable but is not certain.

Signs to Watch:

• Hiring of CFO with public company experience
• Auditor changes to Big Four firm
• Slowing private funding (forcing public markets)
• Competitor IPOs creating market pressure
• Revenue milestones that support public valuation

Comparable Timelines:

AI companies are staying private longer than previous tech generations. Mistral could follow this pattern.

The Bottom Line

Mistral AI represents one of the most exciting AI investments in Europe—and one of the least accessible. Unlike SpaceX or Stripe, which occasionally appear on secondary markets, Mistral shares simply aren’t available to outside investors in any meaningful way.

If you’re an accredited investor: Monitor secondary market platforms, but don’t expect availability soon. The company is too young and the investor base too concentrated.

If you’re a retail investor: Microsoft (MSFT) offers the only direct connection to Mistral, though the exposure is minimal. AI ETFs and infrastructure plays (NVIDIA, AMD) provide broader sector exposure.

If you believe in European AI specifically: Consider waiting for the IPO. It may be years away, but it’s the only path to meaningful, liquid Mistral ownership for most investors.

The reality of pre-IPO investing is that the most exciting companies are often the least accessible. Mistral AI exemplifies this perfectly.

Frequently Asked Questions

Can you buy Mistral AI stock?

No. Mistral AI is a private company with no public stock and no confirmed secondary market availability. Even accredited investors face extremely limited options for purchasing shares.

Is Mistral AI publicly traded?

No. Mistral AI remains privately held. The company has not announced IPO plans and is expected to remain private for several more years.

How much is Mistral AI worth?

Mistral AI was valued at $6.51 billion in its June 2024 Series B funding round. The company has reportedly been in talks to raise additional funding at a higher valuation.

When will Mistral AI IPO?

Mistral AI has not announced an IPO timeline. Based on comparable AI companies and the current private funding environment, an IPO within 3-5 years is possible but not certain.

Who owns Mistral AI?

Mistral AI is owned by its founders (Arthur Mensch, Guillaume Lample, Timothée Lacroix), employees, and institutional investors including Andreessen Horowitz, DST Global, General Catalyst, Lightspeed Venture Partners, Microsoft, and Salesforce.

How can I invest in European AI companies?

For public market exposure to European tech and AI, consider ASML (semiconductor equipment) or SAP (enterprise software with AI integration). For broader AI exposure, Microsoft (MSFT) has a strategic investment in Mistral AI and extensive AI operations globally.

Sources

• TechCrunch: “Mistral AI raising at a $6B valuation” (May 2024)
• TechCrunch: “Mistral AI closed its $415 million funding round” (December 2023)
• TechCrunch: “Microsoft made a $16M investment in Mistral AI” (February 2024)
• TechCrunch: “Mistral is reportedly in talks to raise $1B” (July 2025)
• CNBC: “Instacart IPO prices at $10 billion” (September 2023)
• SEC: Accredited Investor Definition, Rule 501
• Hiive: Platform documentation
• EquityZen: Platform overview
• Forge Global: Secondary market platform