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Modal
Modal Labs runs a serverless cloud platform for AI and data workloads. It covers GPU inference, reinforcement learning, batch jobs and sandboxes for running AI-generated code. Customers include Anthropic, Meta, DoorDash, Cognition and Suno. It charges usage-based fees for compute. In May 2026 it raised a $355M Series C at a $4.65B valuation, after an $87M Series B at $1.1B in September 2025. Its CEO reported ARR of about $300M in 2026, up from about $60M in September 2025. In late September 2026 it was reported to be nearing a $750M round at a $15.75B valuation, led by Accel. That round had not closed at the time of the report.
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