FUNDING • October 16, 2026 • 3 min read

Modal Raises $750M Series D at $15.75B After Crossing $1B Run Rate

Modal crossed a $1 billion annualized run rate and closed a $750 million Series D at a $15.75 billion post-money valuation led by Accel, according to the company’s October 14, 2026 blog post by CEO Erik Bernhardsson. Usage has tripled since the Series C five months earlier, with growth of more than 15x year over year.

The numbers on the wire

$750 million Series D; $15.75 billion post-money valuation.
Lead: Accel. New participant named: Kleiner Perkins.
Existing investors participating: Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners, and Bain Capital Ventures.
Run rate: crossed $1 billion annualized.
Sandboxes alone: about a $300 million run-rate product; nearly 3 billion sandboxes spun up, scaling to 1 million concurrent.
Headcount: 200+ across New York, San Francisco, and Stockholm.
No prior Series C dollar amount or ownership stakes disclosed on the primary post.

What Modal sells

Modal is a serverless AI cloud: inference, sandboxes for agent and RL code, and training on a capacity pool the company says now spans 20+ clouds. Bernhardsson frames the pitch as new building blocks for AI apps that do not fit the old Docker/Kubernetes stack—GPU scarcity, large models, and isolated execution for LLM-written code.

Named customers and workloads on the post include TypeSafe AI’s Jev (1 trillion tokens on Modal in its first three days), DoorDash’s AI platform team, Cognition, Ramp, Linear, Hebbia, Runway, Physical Intelligence, Generalist AI, 1X, Chai Discovery, and Achira.

Where the money goes

Multi-node training (RDMA-connected clusters without capacity commitment).
New RL and post-training products.
Modal servers for HTTP, LLM serving features such as Endpoint Candidates, and generally available sandbox VMs.

On the record

“We can’t think of a better time to be building software.” — Erik Bernhardsson, CEO, Modal (company post)

Accel’s October 14 note by Rich Wong and Gonzalo Mocorrea calls Modal a developer-first execution platform for bursty AI workloads and names customers including Cognition, Hexagon, Ramp, Physical Intelligence, Chai Discovery, DoorDash, and Oura.

What to watch

The company blog does not disclose Series C size, revenue mix beyond the sandboxes run-rate figure, or profitability. Receipts to track: whether sandboxes stay near a third of run rate as training and RL products scale, and how Accel and Kleiner join the prior board.

FAQ

How much did Modal raise?

$750 million in a Series D at a $15.75 billion post-money valuation, per Modal’s October 14, 2026 announcement.

Who led Modal’s Series D?

Accel led; Kleiner Perkins joined, and existing investors including Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners, and Bain Capital Ventures participated.