Modal operates a serverless infrastructure platform that gives developers and companies access to GPU compute without owning or operating data centers. The platform pools capacity across hundreds of data centers through 13 cloud partners, allowing users to scale from zero to 1,000 GPUs in minutes. CEO Erik Bernhardsson reports the company recently crossed $1 billion in annualized run rate, with usage tripling in the five months since its Series C close.
Led by Accel, with participation from Kleiner Perkins, Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners, and Bain Capital Ventures.
Modal's valuation jumped from $4.65 billion to $15.75 billion in just five months, a more than 3x increase, signaling how rapidly the market is repricing serverless GPU infrastructure businesses with demonstrated revenue scale. The round also illustrates that cloud abstraction layers sitting above traditional data center operators can capture outsized valuation multiples compared with the underlying hardware providers they rely on, a dynamic that will affect how capital is allocated across the AI infrastructure stack.