Modal Raises $750M for Cloud Infrastructure
Modal has raised a $750 million Series D at a $15.75 billion valuation to expand cloud infrastructure built for AI workloads and agents.
What happened
Modal has raised $750 million in a Series D financing that values the company at $15.75 billion. Accel led the round, with participation from Kleiner Perkins and existing investors. The company says it has reached $1 billion in annual recurring revenue.
Why it matters
AI applications create highly variable computing demand, especially when autonomous agents run multi-step jobs or execute code. Modal is positioning its platform as an alternative to assembling and operating this infrastructure directly, giving developers access to scalable compute through a software-first workflow.
The bigger picture
The financing reflects a widening investment thesis around the infrastructure beneath AI applications. As model access becomes more widely available, developer experience, workload orchestration and efficient compute allocation are emerging as important points of differentiation.