Modal Annualized Revenue Run-Rate
Sep 2025-May 2026
Annualized Run-Rate (USD M)
Updated at 2026-05
Modal Funding Rounds and Valuation Trajectory
| Round (date, lead) | Amount Raised | Post-Money Valuation | Notable Investors |
|---|---|---|---|
| Seed (2022, Amplify) | $7M | n/a | Amplify Partners, Lachy Groom, Daniel Gross, Andrej Karpathy, Patrick Collison |
| Series A (2023-10, Redpoint) | $16M | n/a | Redpoint Ventures, Amplify Partners, Lachy Groom, Daniel Gross |
| Series B (2025-09, Lux Capital) | $87M | $1.1B | Lux Capital, Redpoint, Amplify, Definition Capital, Conviction |
| Series C (2026-05, Redpoint + General Catalyst) | $355M | $4.65B | Redpoint and General Catalyst (co-leads), Accel, Menlo Ventures, Bain Capital Ventures |
Updated at 2026-05
Modal Marquee Customers by Workload Type
| Customer | Workload Category | Why they run on Modal |
|---|---|---|
| Suno | Consumer-AI inference | High-traffic music-generation inference on serverless GPUs; bursty traffic suits pay-per-call billing |
| Cognition (Devin) | Agentic coding / sandboxes | Autonomous coding agent; generated code runs in Modal sandboxes before shipping |
| Cursor | Agentic coding / sandboxes | AI code editor; background-agent and code-execution workloads (reported customer) |
| Substack | ML / recommendations | Recommendation systems standardized on Modal (anchor customer) |
| Physical Intelligence | Robotics / model training | Robotics-foundation-model team running large GPU jobs (named in Series C post) |
| Chai Discovery | Bio / scientific compute | Protein/biology model workloads on serverless GPUs (named in Series C post) |
| DoorDash, Ramp, Decagon | Enterprise / applied AI | Production AI features and applied-ML pipelines (named in Series C post) |
| Meta (Code World Models team) | Research compute | Research-team GPU workloads (per Sacra) |
Updated at 2026-05
Modal Platform Scale and Cold-Start Performance
| Metric | Figure | Note |
|---|---|---|
| GPU cold-start improvement | ~100x faster | Via GPU memory snapshotting; vendor performance claim, enables pay-per-call GPU billing |
| Burst scaling | 0 to ~1,000 GPUs in minutes (or even seconds) | No reservations; thousands of containers spin up on demand |
| Sandboxes launched (cumulative) | 1,000,000,000+ | Code-execution environments for AI-generated code; >1/3 of revenue |
| Data-center footprint | Hundreds globally | Multi-cloud / multi-region GPU capacity aggregation |
| Cold-start latency | Sub-second (typical) | Per Sacra; the core differentiator vs raw GPU rental |
| Headcount | 120+ employees | Across New York, San Francisco, and Stockholm (May 2026) |
Updated at 2026-05
Modal Revenue Mix: Sandboxes vs GPU/Compute (May 2026)
Updated at 2026-05
Modal in AI Software
OpenAI
$PRIVATE
Largest AI lab by revenue. Approximately $13B annualized run-rate revenue (mid-2025) from a mix of ChatGPT consumer subscriptions, ChatGPT Enterprise / Team, the OpenAI API, and Microsoft Azure OpenAI revenue share. ChatGPT reaches roughly 800M weekly active users (late 2025). Builder of the GPT family (GPT-4o, GPT-4.5, GPT-5, o-series reasoning models) and Sora video. Microsoft is the dominant compute and distribution partner; SoftBank led the $40B March 2025 primary round at $300B.
