Modal, which sells cloud infrastructure for AI apps, said on 14 October 2026 that it has raised a $750 million Series D at a $15.75 billion post-money valuation. Accel led the round. Kleiner Perkins joined, and Modal’s existing investors also took part.
Who invested
According to a blog post by Modal co-founder and chief executive Erik Bernhardsson, Accel led the Series D. Kleiner Perkins is a new backer. Existing investors that participated include Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures.
The run rate and growth claims
Modal says it has “recently crossed $1B in annualized run rate”. That figure is the company’s own. It also says usage has tripled since its Series C five months earlier, and that it has “grown more than 15x year-over-year”. Modal did not publish audited revenue alongside the announcement.
What Modal does
Modal builds computing infrastructure for AI software. Developers write code that Modal runs on a pool of capacity the company says spans more than 20 clouds. Its products include Functions (run a piece of code on demand), Sandboxes (isolated environments for AI-generated code) and newer tools for multi-node training and inference servers.
Modal says Sandboxes alone is a “$300M run rate product”, that it has spun up close to 3 billion sandboxes, and that they can scale to a million concurrent. Those are company claims.
Customers named in the post include TypeSafe AI’s Jev, DoorDash, Cognition, Ramp, Linear, Hebbia, Runway and Physical Intelligence. Modal says TypeSafe’s Jev served 1 trillion tokens on Modal in its first three days.
What this means
- The round and valuation are confirmed by Modal. The $750 million size, $15.75 billion post-money figure, Accel lead and Kleiner Perkins participation come from the company.
- The $1 billion run rate is Modal’s metric. It has not defined how annualized run rate maps to recognised revenue.
- AI apps are still driving infrastructure demand. Modal pitches itself as the stack for products that need scarce GPUs, fast sandboxing and new training setups.
Sources
- Modal (Erik Bernhardsson), “Modal crosses $1B in Annualized Run Rate and raises $750M Series D”, 14 October 2026. https://modal.com/blog/1-billion-annualized-run-rate-series-d
