Modal raises $750M Series D at $15.75B as annualized revenue passes $1B

Accel led the Series D, with Kleiner Perkins and about half a dozen existing investors joining. AlleyWatch lists Menlo Ventures, General Catalyst, Redpoint, Lux Capital and Bain Capital Ventures among the backers, and puts Modal's total equity raised at roughly $1.2B. The $15.75B valuation is more than triple the level set in the company's May round. Modal says annualized revenue has more than tripled since May to over $1B. That figure is the company's own. Nearly a third of it comes from Sandboxes, a hosted container service for agents and training environments that the company says it tested at 1 million concurrent containers. It also sells inference endpoints and GPU clusters for training, running on hardware rented from more than 20 cloud providers. For AI builders, the round shows the infrastructure layer between model APIs and raw GPU rental is commanding premium pricing. Agent workloads that need isolated, fast-starting compute are becoming a separate product category, and a multi-cloud capacity pool is now a selling point against single-provider lock-in.