Modal has reportedly closed a $750 million Series D for its usage-based cloud platform, which lets developers run AI models and agent-generated code without managing servers. Axios Pro Rata reported on October 14 that Accel led the financing at a $15.75 billion post-money valuation, with Kleiner Perkins and existing investors participating.
An engineer submits Python code and selects the computing resources a job needs. Modal packages the code into a container, runs it against pooled capacity across major clouds and adds containers automatically when traffic rises. Customers use the system for inference, training, batch jobs and isolated sandboxes, paying by the second instead of reserving infrastructure.
The sandboxes give coding agents a controlled place to execute programs they generate. In a company-published case study, app builder Lovable said every app-generation session used Modal. During a June 2025 promotion, Modal said it ran more than 1 million sandboxes and reached 20,000 concurrently.
The amount and valuation themselves aren’t new. TechCrunch reported on September 28 that Modal was nearing the same transaction, while the company declined to comment. Axios’s latest update changes the status from prospective to raised and identifies the financing as a Series D—the material development since the earlier reports.
Modal last announced a $355 million Series C at a $4.65 billion post-money valuation on May 21, when it said annualized revenue had surpassed $300 million. The latest reported valuation is about 3.4 times that mark in under five months. The capital-intensive counterweight is that providers in this segment pay heavily to acquire or lease the computing capacity behind customer usage, as TechCrunch noted.
Published versions remain available when an article is updated or corrected.
- Revision 1 · Initial publication
Initial publication