The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · available

~$6.2-7B cumulative CLOSED raised (€2B Sep-2025 incl ASML lead + $830M Mar-2026); €12B/$14B valuation is the closed mark. PENDING, not yet closed as of 2026-07-28: a further ~€3B round in talks — Samsung weighing ~€1B/$1B (dual chip+AI-sovereignty stake) + EQT's €5B Scaleup Fund reportedly in talks to lead — at a €20B/$23B valuation mark. If it closes, cumulative raised would step to ~$9-10B; until then, do not fold it into the closed total.

high confidence · as of 2026-07-28 · about Mistral AI

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the working

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