Modal crosses $1B annualized run rate in $750M Series D
The AI infrastructure startup says usage has tripled since its Series C.
Money#04
$1B
Modal's annualized run rate, now crossed
Image: Latent Space
$1BModal's annualized run rate, now crossed
The short version
- Modal has crossed $1B in annualized run rate, according to the company.
- It raised a $750M Series D at a $15.75B valuation, led by Accel.
- Since its Series C, usage has tripled and revenue has grown more than 15x year-over-year.
- Modal launched Sandboxes in 2023, and the product is now a $300M run rate business on its own.
Why it matters
Modal's growth is tied to agent workloads, including background agents, reinforcement learning and vibecoding platforms. Sandboxes, which the company says have scaled to a million concurrent, show how much demand there is for infrastructure that runs AI-generated code. Latent Space moved Modal from its infra unicorn category to infra decacorn.
“Since our Series C, usage has tripled and we’ve grown more than 15x year-over-year.”