Mistral AI Hits $6B - A rare win for the French

Author

Noel Moldvai
June 13, 2024

Good Afternoon! Interesting things are happening in the private and public markets. Mistral secures €600 million, boosting its valuation to nearly €6 billion. Databricks projects $2.4 billion in mid-year revenue. Apple surpasses Microsoft as the world's most valuable company. The SEC settles with bankrupt Terraform Labs for $4.47 billion.

TL;DR

  • Mistral secures €600mn funding as valuation soars to almost €6bn

  • Databricks tells investors annualized revenue will reach $2.4 billion at midway point of year

  • Apple overtakes Microsoft as world's most valuable company

  • SEC reaches $4.47 bln settlement with now-bankrupt crypto firm Terraform Labs

Mistral secures €600mn as valuation soars

Mistral AI, a Paris-based start-up, has raised €600 million, tripling its valuation to nearly €6 billion since December. Led by General Catalyst, the funding includes existing investors like Lightspeed and Andreessen Horowitz. Launched in mid-2023, Mistral challenges OpenAI with its open-source AI systems. The company plans to scale operations and computing resources, employing 60 staff across France, the US, and the UK.

Databricks tells investors annualized revenue will reach $2.4 billion

Databricks announced that its annualized revenue is projected to reach $2.4 billion by mid-2024, reflecting a 60% year-over-year increase. This growth stands out amid a challenging software market. The company, valued at $43 billion, continues to expand its client base and invest heavily in research and development. Databricks has also been enhancing its data warehouse product and recently acquired Tabular for over $1 billion to optimize data processing.

Apple overtakes Microsoft

Apple reclaimed the title of the world's most valuable company, surpassing Microsoft with a $3.29 trillion valuation. Its stock surged nearly 4% after unveiling AI-enhanced features, boosting optimism for a significant iPhone upgrade cycle. This move addressed concerns about Apple's AI capabilities, contributing to a 12% rise in shares for 2024.

SEC reaches $4.47 bln settlement with now-bankrupt crypto firm Terraform Labs

Terraform Labs settled with the SEC for $4.47 billion after being found liable for defrauding investors in the collapse of TerraUSD and Luna tokens. The settlement, requiring court approval, includes $4.05 billion in disgorgement and $420 million in fines. Much will be treated as an unsecured claim due to Terraform's bankruptcy.

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Until next week.

Cheers,

Noel Moldvai