Modal raised a US$750 million Series D at a US$15.75 billion post-money valuation after crossing US$1 billion in annualised run rate, the company said on 14 October 2026.
Serverless AI compute vendors are posting very large late-stage rounds as inference and agent workloads leave DIY Kubernetes. Buyers still need price-performance proof on their own jobs and clear multi-region options.
Modal sells cloud infrastructure for running AI and data workloads. Accel led the round; Kleiner Perkins joined and existing investors participated. Named customers included DoorDash, Cognition, Ramp, Suno and Runway.
Platform engineering leads should insist on reproducible cost and latency tests — before treating any Series D ARR headline as a completed compute strategy.