Mistral AI launched a public preview of Mistral Large 4 ("Le Chonk"), its 1-trillion-parameter multimodal mixture-of-experts model with roughly 49-52 billion active parameters, on October 6, 2026. The preview API is live via Mistral Studio, and the company has scheduled open-weights release for late October, with multiple reports citing October 27 after safety testing with partners and governments. Trained from scratch on European infrastructure using around 4,000 Nvidia Grace Blackwell GPUs, the model targets strong performance in cybersecurity, coding, finance, and visual grounding, aiming to lead among non-Chinese open-weight systems. This rapid follow-up to prior releases signals an accelerated iteration pace that could compress timelines for a 4.1 or subsequent version, while competitive pressure from U.S. closed models and Chinese open releases remains a key swing factor for trader sentiment.