European tech got €27.8 billion in Q3 2026, up 32.4%
4 companies got deals above €1 billion, and AI and cloud got 47% of the money.
European tech companies got €27.8 billion in 732 deals in Q3 2026. This is 32.4% more than the €21 billion of Q3 2025. A small number of very large deals gave a large part of the total. Most of the money came in September. The report tells that this September increase is more than in the 2 years before.
The big deals
4 companies each got a deal of more than €1 billion:
- Mistral AI
- Nscale
- Helsing
- Quantum Systems
Nscale got about €6.3 billion in the quarter, in 3 deals.
The numbers
AI and cloud companies got more than €13 billion. This is about 47% of the money. Other deals were much less.
What is not known
The report does not tell if the large deals will continue after September. It gives no cause for the September increase.
Insight: Europe’s AI money is with a small number of large deals
AI and cloud got about 47% of the money. The International Monetary Fund found $300bn of deals in 3 years between large cloud firms and less strong AI firms. This reads as a market that is with a small number of large deals. A problem in one could change the total. For leaders: find how much of your risk is with one supplier.
Sources
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