Modal raises $750 million at a $15.75 billion valuation

The Series D raised $750 million and was led by Accel.[1][2] It valued Modal at $15.75 billion post-money and brings the company’s total funding to $1.2 billion.[1][4] Kleiner Perkins joined the round alongside existing investors, including Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures.[2] Modal’s valuation had more than tripled since May, when it raised $355 million at a $4.65 billion valuation.[2]

Modal’s annualized revenue run rate topped $1 billion.[1] Accel says the company crossed that threshold during September 2026.[5] Modal’s announcement blog post is dated Oct. 14, 2026.[3] A run rate is an annualized measure, so readers should distinguish it from a reported full-year revenue figure; the cited information does not provide a full-year revenue total.[1][5] Modal’s announcement also says the company grew more than 15 times year-over-year.[3]

Modal runs AI models and code for developers, and rents graphics-chip computing power to AI companies that want to run or train models.[2] The company says it built its own file system, container software and scheduler, and that its platform draws on spare capacity from more than 20 cloud providers.[2] Its Sandboxes let AI agents run code they have written in isolated environments.[2] Modal had started close to 3 billion Sandboxes since 2023, and the product brings in $300 million a year.[2]

Modal’s customers include DoorDash, Ramp, Linear, Cognition and Runway.[2] Physical Intelligence and 1X use the platform to train robots.[2] Accel describes Modal’s platform as giving developers one execution platform from experimentation through production, and says tens of thousands of developers and companies use it.[5] Modal plans to launch additional products for training and fine-tuning AI models.[2] The announcement does not specify when those products will launch.[2]