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

What's the deal? AI infrastructure startup Modal has raised a $750 million Series D led by Accel at a $15.75 billion post-money valuation, CEO Erik Bernhardsson announced. Kleiner Perkins joined the round; existing investors including Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures also participated.

By the numbers: Modal has crossed $1 billion in annualized run rate. Usage has tripled since its Series C five months ago and grown more than 15× year-over-year. Sandboxes — used for agents, RL and code execution — are a roughly $300 million run-rate product on their own, after nearly 3 billion sandboxes spun up.

Why now? Bernhardsson argues AI applications need new infrastructure building blocks beyond the old cloud stack. Modal has been expanding multi-node training, serverless HTTP servers and VM sandboxes as demand for on-demand GPU and agent compute keeps rising.

The signal: At $750 million, the raise sits among the largest US enterprise-software Series D rounds on record — a marker of how aggressively investors are backing the picks-and-shovels layer of the AI boom. Modal said it has 200+ people across New York, San Francisco and Stockholm.

Read more: Modal blog · Axios · Modal on X

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