Cohere vs Mistral AI: Revenue, Profit and Business Model
Cohere reported $240M of revenue in FY2025 and — of net income. Mistral AI reported ~$339M of revenue in FY2025 and — of net income.
Latest financial snapshot
Cohere
- Latest revenue
- $240M (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +329.7% a year, FY2023–FY2025
Mistral AI
- Latest revenue
- ~$339M (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- —
Financial summary
Cohere
Cohere is private and does not publish audited financials, so its figures come from investor communications and press reports. Annualized revenue was about $13 million at the end of 2023, roughly $100 million by mid-2025, and $240 million ARR at the end of 2025, ahead of a $200 million target (The Globe and Mail, CNBC, February 2026). Its valuation rose from $2.2 billion (Series C, June 2023) to $5.5 billion (Series D, July 2024), $6.8 billion (August 2025, $500 million raise) and about $7 billion after a $100 million extension in September 2025. The April 2026 Aleph Alpha combination and a concurrent Series E, anchored by Schwarz Group, were reported to value the company near $20 billion, and in September 2026 The Globe and Mail reported talks to raise a further $2 billion to $3 billion. Cohere has not disclosed net income.
Mistral AI
Mistral is private and does not publish audited accounts. Reported figures: ARR of about $339 million (€300 million) in September 2025 (CNBC) and more than $400 million in January 2026, up from about $20 million a year earlier (CNBC Disruptor 50). CEO Arthur Mensch said in 2026 he expected ARR to exceed $1 billion by year-end. Funding history: ~$119 million (€105 million) seed (June 2023), ~$435 million (€385 million) Series A (December 2023), ~$678 million (€600 million) Series B at ~$6.55 billion (€5.8 billion) (June 2024), ~$1.92 billion (€1.7 billion) Series C led by ASML at ~$13.2 billion (€11.7 billion) (September 2025), $830 million of debt for data centres (March 2026) and a ~$3.39 billion (€3 billion) round led by Samsung at more than $23.7 billion (€21 billion) (September 2026).
Revenue and profit by year
Cohere
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $240M | — | 0.0% | — | Source |
| FY2023 | $13M | — | 0.0% | — | Source |
Mistral AI
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$339M | — | 0.0% | — | Source |
Where the revenue comes from
Cohere
- Model API and cloud marketplace usage
Not disclosed
Per-token fees for Command, Embed and Rerank through Cohere's API and partners such as Oracle Cloud Infrastructure, Amazon Bedrock and Microsoft Azure.
- Private deployment and North subscriptions
Not disclosed
Annual contracts for running Cohere models and the North agent platform in customer VPCs, on-premise or in sovereign clouds.
- Custom and sovereign AI projects
Not disclosed
Custom model development and deployment work for governments and large enterprises, such as Japanese-language models with Fujitsu.
Mistral AI
- Enterprise API Token Consumption (La Plateforme)~45%
Usage-based per-million-token API fees paid by software developers and enterprises querying Mistral Large, Mistral Small, and Codestral.
- Cloud Hyperscaler Royalties (Azure, AWS, Snowflake)~35%
Revenue-sharing royalties collected when enterprise clients deploy and consume Mistral models natively inside public cloud marketplaces.
- On-Premise Private Sovereign Licenses~20%
Annual recurring multi-million-dollar software licenses for defense, government, and banking customers deploying models in air-gapped environments.
Business model and strategy
Cohere
How it makes money
Cohere makes money by selling AI to businesses, not consumers. Customers pay per token to call its Command, Embed and Rerank models through Cohere's own API or cloud marketplaces such as Oracle Cloud Infrastructure, Amazon Bedrock and Microsoft Azure.
Growth strategy
Cohere's growth strategy has shifted from selling raw model APIs to selling complete, privately deployable AI systems. Key moves include the North agent platform (2025), acquisitions of Ottogrid (2025), Reliant AI (May 2026) and the pending Aleph Alpha merger, new offices in Paris and Seoul, and partnerships with cloud and software vendors including Oracle, Fujitsu, OpenText and Schwarz Group's STACKIT.
Competitive advantage
Cohere's main edge is deployability. Its models are built to run on as few as two GPUs (Command A, and Command A+ released in May 2026) and can be installed in a customer's private cloud, on-premise data center or air-gapped environment, rather than only through a shared API. That matters for regulated buyers and governments pursuing sovereign AI.
Mistral AI
How it makes money
Mistral makes money in four ways. It charges per token for API access to its models on La Plateforme; it sells enterprise licences and custom deployments, often on-premise or in private clouds, to companies and governments that want control over their data; it earns through cloud marketplaces such as Microsoft Foundry, AWS Bedrock and Google Vertex AI;
Growth strategy
Mistral's growth strategy combines sovereign infrastructure with enterprise partnerships. It is building data centres in France and Sweden, expanded its Microsoft partnership in July 2026 through a multibillion-dollar deal under which Microsoft uses part of its European compute, signed Accenture as a deployment partner in February 2026, and is moving into industrial AI through the May 2026 acquisition of Emmi AI and…
Competitive advantage
Mistral's main advantages are its position as the leading non-US, non-Chinese frontier AI lab, which suits European governments and regulated industries; open-weight models that customers can run on their own hardware; a research team led by founders who worked on Chinchilla at DeepMind and LLaMA at Meta;
Questions about Cohere vs Mistral AI
Which company has higher revenue — Cohere Inc. or Mistral AI SAS?
Cohere Inc. reported $240.0M (FY2025), while Mistral AI SAS reported ~$339M (FY2025). By last reported revenue, Mistral AI SAS is the larger business, with Cohere Inc. reporting a smaller revenue base.
Which is more financially efficient — Cohere Inc. or Mistral AI SAS?
Mistral AI SAS generates $339k / employee in revenue per employee. A comparable figure for Cohere Inc. requires matching employee and revenue data from the same reporting period.
How do Cohere Inc. and Mistral AI SAS make money?
Cohere Inc. and Mistral AI SAS generate revenue in fundamentally different ways. Cohere Inc.: Cohere makes money by selling AI to businesses, not consumers. Mistral AI SAS: Mistral makes money in four ways.
Is Cohere Inc. bigger than Mistral AI SAS?
By last reported revenue, Mistral AI SAS (~$339M (FY2025)) is the larger company compared to Cohere Inc. ($240.0M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Cohere vs Mistral AI overview