Modal closes Series D, hits $1bn ARR
What happened
On 15 October 2026, Latent Space reported that Modal's annualised revenue passed $1bn and that it closed a $750m Series D at a $15.75bn valuation led by Accel, with usage up more than 15-fold year on year. The report said its Sandboxes product, launched in 2023, now generates about $300m in annualised revenue on its own, has started nearly 3 billion sandboxes in total and can scale to millions of concurrent runs. Earlier reporting said Modal had closed a $1.6bn Series D with $1bn ARR, while later reporting put the round at $750m and the valuation at $15.75bn, leaving the two accounts inconsistent on the amount raised. Public information so far covers only this round's size, valuation, lead investor and revenue and product figures, with no further developments disclosed.
Written by AI from the reports · updated 16 h ago
Timeline
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- Latent Space[AINews] Modal’s $1B ARR, $16B Series D makes it NYC’s newest AI Infra Decacorn, 3x usage and 3x valuation in 5 months, 15x in 1 yr
We launched Sandboxes in 2023 when we noticed that people were using LLMs to generate code. Sandboxes exploded and three years later, it’s a $300M run rate product just on its own. Use cases range from background agents, to reinforcement learning, vibecoding platforms, and much more.
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