Modal raises $750m at a $15.75bn valuation and says its annualized run rate has passed $1bn

Modal, a private company that rents computing for AI inference, training and code sandboxes, announced on 14 October that it has raised a $750m Series D. “We've raised a $750M Series D at a $15.75B post-money valuation,” its blog post says. Accel led the round, Kleiner Perkins joined, and all existing investors took part: Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures.

The company says it recently crossed $1bn in annualized run rate. Its Sandboxes product, which gives AI agents isolated places to run code, is described as a $300m run-rate product on its own. The post adds: “Since then, usage has tripled and we've grown more than 15x year-over-year.” It does not say whether the 15x refers to revenue, so the Switchboard does not call it revenue growth. All of these figures are the company's own; it is private and publishes no accounts.

Customers named in the post include DoorDash, Cognition, Runway, Physical Intelligence, Ramp, Linear, Suno and the robot maker 1X. Modal says its capacity pool spans more than 20 clouds.

The round landed on the day CoreWeave fell 15.46% on worries about its debt, a reminder that investors are still paying up for AI compute companies even as they question how others have financed their build-outs.

• Confirmed Modal raised a $750m Series D at a $15.75bn post-money valuation, led by Accel. Modal blog
• Claimed Its annualized run rate has passed $1bn, with Sandboxes at a $300m run rate. Modal blog