Google DeepMind vs Mistral AI: Revenue, Profit and Business Model
Google DeepMind had ~$2B of annual revenue in FY2023. A full-year revenue figure is unavailable here for Mistral AI.
Latest financial snapshot
Google DeepMind
- Latest annual revenue
- ~$2B (FY2023)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +22.8% a year, FY2020–FY2023
Mistral AI
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Financial summary
Google DeepMind
Alphabet does not report Google DeepMind separately. The best public data comes from DeepMind Technologies Limited's UK accounts, which show revenue, mostly R&D fees charged to other Alphabet companies, rising from ~$1.09 billion (£826 million) in 2020 to ~$1.8 billion (£1.365 billion) in 2021, dipping to ~$1.43 billion (£1.081 billion) in 2022 and reaching about $2.02 billion (£1.53 billion) in 2023, with pre-tax profit of ~$196 million (£148.4 million) that year. These numbers measure Alphabet's internal funding of the lab rather than the commercial value of Gemini, which Google earns through Search, subscriptions and Cloud. Google DeepMind operates as a crown jewel subsidiary of Alphabet Inc., heavily driving Google's multi-trillion dollar market capitalization.
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). Mistral AI is Europe's premier artificial intelligence startup, rapidly achieving a private market valuation of roughly $6 billion backed by massive investments from Microsoft and a16z.
Revenue and profit by year
Google DeepMind
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | ~$2B | — | — | +41.6% | Source |
| FY2022 | ~$1.4B | — | — | -20.8% | Source |
| FY2021 | ~$1.8B | — | — | +65.3% | Source |
| FY2020 | ~$1.1B | — | — | — | Source |
Mistral AI
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 run-rate | $400M | — | — | — | Source |
| FY2025 run-rate | ~$339M | — | — | — | Source |
| FY2024 run-rate | $16M | — | — | — | Source |
Where the revenue comes from
Google DeepMind
- R&D services to Alphabet companies
Not formally reported
DeepMind Technologies Limited's reported revenue comes mainly from research and development services billed to other Alphabet group companies.
- Gemini in Google products (booked by Google)
Not formally reported
Search ads supported by AI Overviews and AI Mode, Gemini app and Google One AI subscriptions, Workspace, and Gemini APIs on Google Cloud. Alphabet does not disclose how much of this is attributable to Google DeepMind.
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
Google DeepMind
How it makes money
Google DeepMind does not sell products under its own name. It is a cost center inside Alphabet that builds the models Google monetizes: Gemini powers AI Overviews and AI Mode in Search (supporting ad revenue), the Gemini app and Google One AI subscriptions, Gemini for Workspace, and pay-per-token Gemini APIs on Google AI Studio and Vertex AI in Google Cloud.
Growth strategy
The lab's priority is staying at the frontier with Gemini, including Gemini 3 and the Gemini 4 generation Hassabis mentioned in August 2026, while pushing Flash models and Gemma open models to developers. Under Koray Kavukcuoglu it is more tightly tied to Google's product teams, with Hassabis focusing on AGI strategy and Isomorphic Labs' drug discovery work.
Competitive advantage
Google DeepMind's main edge is the full Google stack around it: in-house TPU chips, Google Cloud, and distribution through Search, Android, YouTube and Workspace. It also has a deep research bench and a record of scientific results, from AlphaGo to the Nobel-winning AlphaFold, that few rivals can match.
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 Google DeepMind vs Mistral AI
Which company has higher revenue — Google DeepMind or Mistral AI SAS?
Google DeepMind had ~$2B (FY2023). A comparable annual revenue figure for Mistral AI SAS was unavailable here.
How do Google DeepMind and Mistral AI SAS make money?
Google DeepMind and Mistral AI SAS generate revenue in fundamentally different ways. Google DeepMind: Google DeepMind does not sell products under its own name. Mistral AI SAS: Mistral makes money in four ways.
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 Google DeepMind vs Mistral AI overview