Modal

AI Infrastructure · Cloud Computing

Funding

Modal raises $750M Series D at $15.75B, tops $1B ARR

Its valuation has tripled in five months, showing how fast investors are racing to back the infrastructure layer powering AI agents.

• Modal raised a $750 million Series D led by Accel at a $15.75 billion post-money valuation, just five months after its Series C.
• Modal runs a serverless cloud platform that lets developers deploy AI models, training jobs and agent workloads without managing their own servers or GPUs.
• Modal's annualized run rate rocketed from about $300 million in May to over $1 billion now, growing more than 15x year-over-year as usage tripled in five months.
• The new $15.75 billion valuation is roughly 3.4x Modal's $4.65 billion Series C price in May and more than 14x its $1.1 billion valuation from September 2025.
• Modal's Sandboxes product, which lets AI agents run generated code in isolated environments, has already reached a $300 million annualized run rate on its own.
• Modal's infrastructure now underpins AI products at DoorDash, Cognition, Ramp and Runway, plus robotics efforts at Physical Intelligence and 1X, spanning coding agents, video generation and robotics.
• The round shows investors racing to fund the compute layer beneath AI applications as agentic workloads scale faster than traditional cloud infrastructure can economically support.