Mistral AI vs Perplexity AI
Side-by-side equity comparison for employees weighing offers at Mistral AI or Perplexity AI. Valuations, funding history, headcount growth, and secondary-market context.
| Mistral AI | Perplexity AI | |
|---|---|---|
| Latest valuation | $14B | $5B |
| Latest round | Series B | Series B |
| Round date | January 2025 | — |
| Total raised | $1.1B | $500M |
| Founded | 2023 | 2022 |
| Headquarters | Paris, France | San Francisco, CA |
| Employees | 879 | 1,482 |
| Employee YoY growth | +169% | -4% |
| Primary industry | Artificial Intelligence | Artificial Intelligence |
| Secondary-market price | $11.14 | — |
| Base-case equity multiple | — | 2x |
| Upside equity multiple | — | 2x |
| Lead investors | Andreessen Horowitz, Lightspeed Venture Partners | NEA, IVP |
| Status | private | private |
Overview
Mistral AI is a French AI company that develops open-weight and commercial large language models for enterprise and developer use.
Perplexity AI builds an AI-powered search engine that provides cited, conversational answers to user queries in real time.
Why we compare these
Mistral AI and Perplexity AI both appear on AI foundation model labs .
If you're evaluating offers at either one, the equity math depends on more than the headline valuation — dilution, strike price, time to liquidity, and concentration risk all matter. Use our equity compensation calculator and exit calculator to model your own numbers.