The Mistral AI valuation isn't proof the AI Act is viable; it's a single point of failure in that argument. One company's success doesn't mean the whole regulatory framework works without any blast radius for smaller players. They might have specific investors or a unique business model that makes their situation not generalizable to others, especially small Belgian startups that need to keep a tight rein on their cash flow for a few salaries. Assuming their raise validates the entire system is a snap judgment.