French AI lab Mistral AI is in early discussions to raise about €3 billion ($3.5 billion), Bloomberg reported Friday, citing anonymous sources.

The funding round would value the company at around €20 billion (about $23.15 billion), nearly double the €11.7 billion valuation it received in a Series C funding round last September.

One of Europe’s leading AI startups, Mistral launched in 2023 with the stated ambition to “put frontier AI in the hands of everyone.” The company has taken a more open approach to its AI development compared to its American rivals, offering some foundational large language models with open weights, allowing anyone to customize them as they see fit.

The company also offers closed models tailored for use cases such as programming, voice cloning and generation, and optical character recognition.

Lately, with European countries distancing themselves from American tech, Mistral has positioned itself as a friendlier, “sovereign” and homegrown alternative. The company is setting up a data center near Paris and has partnered with France’s army, the government of Luxembourg, and several major European companies.

Still, Mistral has only raised about $4 billion to date, per Pitchbook, a fraction of what U.S. rivals OpenAI ($186 billion) and Anthropic ($161.25 billion) have taken in. These labs are also valued much, much higher, reflecting how much further American labs have pulled ahead in revenue, model adoption, and enterprise demand.

Mistral did not immediately return a request for comment.