Modal announced that its annualized run rate has passed $1 billion. The company says usage grew three‑fold in the last five months and its year‑over‑year growth is over 15×. At the same time, Modal closed a $750 million Series D financing round, valuing the firm at $15.75 billion. The round was led by Accel, with Kleiner Perkins and all existing investors participating.
What the platform powers
Modal’s infrastructure is being used for a range of AI‑driven products. TypeSafe AI’s Jev processed one trillion tokens on Modal in its first three days. DoorDash’s AI team uses Modal to move experiments into production. Companies such as Runway, Physical Intelligence, and Chai Discovery run video generation, robot training, and drug‑discovery workloads on the service. Modal also offers “Sandboxes,” a product that lets developers run code generated by large language models; the team says Sandboxes alone generate $300 million of run‑rate revenue.
New tools and future plans
The firm says it has rebuilt its core stack – file system, container runtime, scheduler and networking – to run across more than 20 cloud providers. Recent releases include multi‑node training with RDMA‑connected clusters, Modal servers for HTTP serving, and Endpoint Candidates for LLM inference. Virtual‑machine‑based Sandboxes are now generally available.
Why it matters
For developers building AI applications, Modal’s growth means more ready‑made infrastructure for running large models without handling GPUs or complex cloud setups. The new funding gives the company resources to expand its tools, which could lower the cost and speed up deployment of AI‑driven products for startups and enterprises alike.
