Mistral AI vs OpenAI

Mistral AI — Foundation Models · Private · $13.8B valuation · 5 of 5 figures sourced  |  OpenAI — Foundation Models · Private · $852B valuation · 5 of 5 figures sourced

Relationship

Both enterprise LLM APIs in Menlo's measured market; OpenAI holds 27% of spend — down from 50% in 2023 — while Mistral shares the 12% tail with Cohere and Meta's Llama.

8 of 12 capabilitiesShared product typeLarger scaleSourced competitorBuild on a hosted model API

8 of 12 capabilities — Shares agentic coding, code generation, document extraction and 5 more.

Ludbee capability tags · from the product records

Shared product type — Both ship AI agent, application and model API.

Ludbee product records

Larger scale — OpenAI: $852B valuation, against Mistral AI's $13.8B valuation.

Ludbee scale figures · valuation, market cap or revenue estimate

Sourced competitor — “We estimate Anthropic now earns 40% of enterprise LLM spend, up from 24% last year and 12% in 2023. Over the same period, OpenAI lost nearly half of its enterprise share, falling to 27% from 50% in 2023. Google also saw significant gains,…”

menlovc.com · checked 2026-08-25

Build on a hosted model API — Rivals on this job — Call hosted language models from an application, billed per token, without running the models yourself.

Ludbee needs vocabulary · the scope on the sourced edge

Aligned comparison

FieldMistral AIOpenAI
Valuation$13.8B$852B OpenAI has 62× more
Employees9004,500 OpenAI has 5.0× more
Founded20232015 8 yrs earlier
StatusPrivatePrivate match
CategoryFoundation ModelsFoundation Models match
Stack layerAI agent, API service, Application, Model API, PlatformAI agent, Agent platform, Application, Model API
HeadquartersParis, FranceSan Francisco, USA

Capability overlap

Shared · 8

Agentic codingCode generationDocument extractionSpeech to textSummarizationText generationText to speechSearch answers

Not verified for OpenAI · 4

GPU cloudModel hostingModel trainingVoice agent

Recorded for Mistral AI. OpenAI’s product records say nothing either way — a missing record is not a missing capability.

Not verified for Mistral AI · 9

Agent orchestrationCode reviewData analysisData securityEvaluation and observabilityImage generationPresentation generationThreat detection and responseWorkflow automation

Recorded for OpenAI. Mistral AI’s product records say nothing either way — a missing record is not a missing capability.

Products, side by side

Hand-checked pairing

Mistral AI

Application

Mistral SpeechApplication

Enterprise voice-AI solution set: real-time voice agents, text-to-speech/voice cloning (Voxtral TTS) and speech-to-text/diarization (Voxtral Realtime, Voxtral Mini Transcribe 2), open-weight and self-hostable.

Mistral VibeApplication

Assistant for chat, web search, document analysis and image generation, built on Mistral's own models.

AI agent

Mistral Vibe CodeAI agent

Agentic coding across terminal, IDE, web and background — multi-file orchestration, codebase-aware completion, async agents and native IDE extensions, built on Mistral Medium/Devstral/Codestral.

Model API

Mistral AI StudioModel API

Developer platform for calling, fine-tuning and deploying Mistral's models, billed per token.

OpenAI

Application

ChatGPTApplication

Assistant for chat, web search, file analysis and image generation, used in the browser and in desktop and mobile apps; developers can build custom in-chat apps for it via the Apps SDK, built on the Model Context Protocol.

ChatGPT AtlasApplication

OpenAI's agentic web browser. Deprecated on 9 August 2026, with its browser-based agentic capabilities moved into ChatGPT and Codex.

ChatGPT GovApplication

A version of ChatGPT that US government agencies deploy in their own Microsoft Azure commercial or Azure Government cloud, so the agency manages its own security, privacy and compliance.

ChatGPT for ExcelApplication

ChatGPT in the Excel ribbon: builds and edits spreadsheets, formulas and formatting from plain-language requests, answers questions about what is in the workbook, and asks permission before changing it. OpenAI's own page bundles this with a separate ChatGPT for Google Sheets add-in; this record covers the Excel add-in only.

ChatGPT for PowerPointApplication

ChatGPT in the PowerPoint ribbon: creates new slides, rewrites and restructures an existing deck, and turns notes, documents or spreadsheets into presentation-ready content while keeping the output editable in PowerPoint.

ChatGPT for WordApplication

ChatGPT in a Microsoft Word sidebar: drafts, revises and reorganizes the open document from notes or pasted source text, pulling in context from connected apps like Outlook, SharePoint, Google Workspace and Dropbox.

SoraApplication

OpenAI's text-to-video product. The web and app experiences were discontinued on 26 April 2026; the API will be discontinued on 24 September 2026.

AI agent

CodexAI agent

Coding agent that reads, edits and runs a codebase from the terminal, an IDE extension and the ChatGPT web app.

Model API

OpenAI APIModel API

Hosted API for OpenAI's text, image, audio and embedding models, billed per token.

No counterpart

Mistral AI sells these in a stack layer with no product recorded for OpenAI yet — nothing on the other side to compare them against.

API service

Mistral OCRAPI service

SOTA document-extraction API (OCR 4) returning bounding boxes, block classification and confidence scores across 170 languages; the same endpoint's Document AI mode adds a no-code, schema-driven layer on top for structured extraction.

Platform

Mistral AI CloudPlatform

Frontier-grade infrastructure and orchestration for training and serving models at scale.

Mistral ForgePlatform

Turn institutional knowledge into custom enterprise LLMs without managing the infrastructure.

OpenAI sells these in a stack layer with no product recorded for Mistral AI yet — nothing on the other side to compare them against.

Agent platform

OpenAI DaybreakAgent platform

OpenAI's cybersecurity offering, bringing together frontier cyber models, Codex Security and partner workflows to find, validate and fix vulnerabilities, with an access-gated Daybreak Red tier for authorised vulnerability research and red teaming.

OpenAI FrontierAgent platform

Enterprise platform for connecting AI agents to systems of record and running them under enterprise identity, access and observability controls.

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