Modal Labs is close to a $750 million round at a $15.75 billion valuation.
Why it matters: The deal would more than triple Modal's valuation in four months, underscoring strong demand for AI infrastructure. It also shows late-stage capital is still flowing to compute and developer platforms tied to AI deployment.
- TechCrunch reported Sept. 28 that Modal is nearing a $750 million round led by Accel at a $15.75 billion valuation.
- Axios reported Sept. 24 that Accel was set to lead a new Modal round at roughly a $15 billion valuation.
- Modal's valuation would rise from $4.65 billion after its $355 million raise announced four months earlier.
- Modal was founded in 2021, is based in New York and has about 150 employees.
Modal Labs is nearing a $750 million funding round that would value the AI infrastructure company at $15.75 billion, according to TechCrunch. If completed on those terms, the round would more than triple the company's value from $4.65 billion just four months ago, when it announced a $355 million raise.
Earlier reporting pointed to a slightly lower figure. Axios reported Sept. 24 that Accel was set to lead a new Modal round at roughly a $15 billion valuation, while TechCrunch later reported the company was nearing a $15.75 billion level.
Modal builds inference infrastructure and compute-heavy developer tooling for companies running AI workloads. TechCrunch said its customers include Cognition, Suno, Ramp and Substack.
TechCrunch said Modal was founded in 2021 by CEO Erik Bernhardsson and CTO Akshat Bubna, and that its annualized revenue had surpassed $300 million as of May 2026.
By the numbers
- $750 million - Reported size of Modal's new funding round
- $15.75 billion - Reported valuation in TechCrunch's Sept. 28 story
- $4.65 billion - Modal's valuation after its $355 million raise four months earlier
What's next: The round is reported as nearing completion, but final terms have not been confirmed.