Case Study: Mistral AI builds scalable AI billing with Lago

Mistral AI builds a $400M+ billing stack with Lago

Mistral AI, a leading AI company building frontier models and infrastructure, faced the challenge of building a billing system that could keep pace with its rapid growth and complex, usage-based products. Conventional subscription models were insufficient for their token-based APIs and varied customer agreements. They needed a solution that could handle metering, pricing, and invoicing without diverting engineering resources from their core product development, leading them to partner with Lago.

Lago provided an API-first, open-source billing foundation that aggregated usage by model and token type, managed prepaid credits and multiple Stripe accounts, and supported European VAT. This solution allowed Mistral AI to seamlessly support both self-serve and enterprise contracts while integrating with their existing finance stack. As a result, Lago enabled Mistral to focus on its core products, supporting a surge in revenue from $20 million to an annualized run rate exceeding $400 million and facilitating a €3 billion Series D funding round.

Mistral AI