Modal, a cloud platform for running AI workloads on GPUs, has raised $750 million in a Series D round at a $15.75 billion post-money valuation. Accel led the round, Kleiner Perkins joined as a new investor, and existing backers Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures also took part.

The company said it recently passed $1 billion in annualized run rate. Usage has tripled since its Series C, announced five months earlier, and the business has grown more than 15 times year on year.

What Modal sells

Modal lets developers run code on GPUs in the cloud without setting up or managing servers. The company built its own file system, container runtime, scheduler and networking from the ground up. Its capacity pool now spans more than 20 cloud providers.

It has two main products. Functions run a developer's code on GPUs. Sandboxes are isolated environments for running untrusted code, including code written by AI agents. Modal said Sandboxes alone have reached a $300 million run rate, with close to 3 billion sandboxes created and the ability to scale to a million running at the same time.

Who uses it

Modal named a wide range of customers. DoorDash's AI platform team uses it. Cognition, Ramp, Linear and Hebbia run background AI agents on it. Runway uses it for video generation and Suno for music generation. Physical Intelligence, Generalist AI and 1X use it to train robots, and Chai Discovery and Achira for drug discovery.

What the money is for

Modal said it will build more infrastructure and building blocks for AI applications and move into reinforcement learning and post-training products. Recent launches include multi-node training, which gives developers a connected GPU cluster without a capacity commitment, and VM Sandboxes, now generally available.

"I can't think of a better time to be building software."Erik Bernhardsson, Modal

The bigger picture

Modal's round was the largest in our AI Money tracker for October 2026. It is part of a wave of investment into AI infrastructure: companies that make running AI models cheaper and easier, rather than the chatbots most people see. Modal was founded about five years ago and has a team of more than 200 people across New York, San Francisco and Stockholm.

Modal's website advertises $30 a month of free compute for new sign-ups.

Announced by Modal on its official blog: read the announcement