Mistral Small 4, released in mid-March 2026 as a 119B-parameter MoE hybrid unifying reasoning, multimodal, and coding capabilities under Apache 2.0, remains the latest in its family with a 256k context window and configurable reasoning effort. Since then, Mistral has prioritized larger frontier releases, including Medium 3.5 in April and the public preview of 1-trillion-parameter Large 4 (“Le Chonk”) on October 6, 2026, with open weights slated for late October. No official announcements or credible reports have surfaced regarding a Small 4.1 or subsequent update, amid competition from efficient Chinese open-weight models and Mistral’s focus on enterprise features like cybersecurity. Traders monitor developer conferences, API changelog entries, and benchmark updates for signals on the next incremental Small iteration.