The verified answer
As of Oct 2026, DEPLOY verifies Modal Labs: $1.2B raised. 14 sources back the record.
Funding
$1.2B
Employees
120
Overview
Modal Labs is a serverless GPU cloud built for AI and data workloads, letting developers spin up containerized functions on Nvidia hardware billed by the CPU cycle rather than by the reserved instance. Founded in 2021 by Erik Bernhardsson (formerly of Spotify and Better.com) and Akshat Bubna, the company sits in the mid-market inference and fine-tuning slice of the neocloud landscape, competing less with the hyperscale training clouds like CoreWeave and Crusoe and more with Replicate, Baseten, and RunPod for the developer-facing long tail.
Rather than owning campuses, Modal operates as a software layer over rented GPU capacity, with a proprietary container stack that advertises sub-second cold starts and per-second billing. Its published on-demand rate card runs from $0.59/hr on a T4 up to $6.25/hr on a B200 and $7.10/hr on a B300, and its customer roster leans toward the current generation of AI-native startups: Suno, Runway, Physical Intelligence, Cognition, Lovable, Decagon, Ramp, and Substack all appear as named users, alongside Meta and Scale.
After a $16M Series A led by Redpoint in October 2023, Modal was reported by The Information in February 2026 to be in talks to raise at a $2.5B valuation, a step-change that would put it in the mid-tier of the AI-infrastructure funding board without the balance-sheet weight of the campus-owning neoclouds.
Reality check
Revenue (company-claimed, May 2026)
More than $300M annualized, after growing fivefold since Sep 2025; Sandboxes drive over a third of revenue.
Sandboxes (company-claimed)
Over 1 billion sandboxes launched on Modal for agent code execution and RL environments.
Named customers (company-claimed)
Suno, Runway, Physical Intelligence, Cognition, Lovable, Decagon, Ramp, Substack, Quora, DoorDash, Chai Discovery, Reducto and Meta.
Annualized run rate (company-claimed, Oct 2026)
Crossed $1B annualized run rate in Sep 2026, up from about $300M in May; usage tripled in five months and the business grew 15x+ year over year.
Sandboxes run rate (company-claimed, Oct 2026)
Sandboxes, launched in 2023, are a $300M run-rate product on their own; close to 3 billion sandboxes spun up, scaling to a million concurrent.
Robotics customers (company-claimed)
Physical Intelligence, Generalist AI and 1X train robots on Modal. Capacity pool spans 20+ clouds.
Verified record
- Verified deployments
- None on file
- Active incidents
- None on file
Valuation of record
Company-claimedPriced roundSeries D post-money
Key facts
Offices
Published hourly pricing (on demand)
Infrastructure model
Earlier rounds (reported)
Data & sources
News coverage
3
Web sources
11
14 sources backing this record.View all →
Partnerships
Every company Modal Labs has built with, alongside the ones only announced in a press release.
Most-frequent partners
- 1Oracle1× joint7 total
Most recent
- Modal x Oracle (OCI infrastructure)2024-09-10with Oraclejust announced
Relationships
Current leadership (2)
- Erik Bernhardsson Co-founder and CEOreported, not verified
- Akshat Bubna Co-founderreported, not verified
Founders (2)
- Erik Bernhardssoncofounder
- Akshat Bubnacofounder
Safety record
No incidents on record for Modal Labs.
Only active incidents are counted. Retracted incidents are excluded from this summary but remain reachable at their canonical URLs.
Full safety record: incidents, sourcing, and exposure data →
Recent coverage
Modal Labs in third-party press
Financial state
- Total funding
- $1.2B
- Employees
- 120as of 2026-05-21
Each numeric field carries its own basis marker. Aggregators report a number; this surface preserves the source class so verification depth travels with the value.
Partnerships
1 total · 1 just announced
Every company Modal Labs has built with, alongside the ones only announced in a press release.
Most recent
- Modal x Oracle (OCI infrastructure)2024-09-10with Oraclejust announced
Most-frequent partners
- 1Oracle1× joint7 total
Funding rounds (3)
Modal Labs’s 3 disclosed rounds, $1.2B in total, oldest to newest.
- Series D2026-10-14
$750M · $15.8B post
Investors: Accel (lead), Kleiner Perkins (follow), Menlo Ventures (follow), General Catalyst (follow), Redpoint Ventures (follow), Lux Capital (follow), Amplify Partners (follow), Bain Capital Ventures (follow)
- Series C2026-05-21
$355M · $4.7B post
Investors: General Catalyst (co_lead), Redpoint Ventures (co_lead), Menlo Ventures (follow), Bain Capital Ventures (follow), Accel (follow), Lux Capital (follow)
- Series B2025-09-29
$87M · $1.1B post
Investors: Lux Capital (lead)
Recent activity
Every change to this record is dated, sourced, and independently verified where marked.
- Record createdAug 28, 2026
Added to the verified registry
Sources (14)
- https://modal.com/blog/general-availability-and-series-a
- https://modal.com/pricing
- https://modal.com/company
- https://modal.com/customers
- https://techcrunch.com/tag/modal-labs/
- https://www.theinformation.com/
- https://modal.com/
- https://modal.com/blog/modal-series-c · 2026-05-21
- https://modal.com/blog/announcing-our-series-b · 2025-09-29
- https://www.reuters.com/business/modal-labs-valued-465-billion-ai-coding-takes-off-2026-05-21/ · 2026-05-21
- https://www.oracle.com/news/announcement/ocw24-modal-labs-uses-oracle-cloud-infrastructure-for-large-scale-ai-workloads-2024-09-10/ · 2024-09-10
- https://modal.com/blog/1-billion-annualized-run-rate-series-d · 2026-10-14
- https://www.accel.com/news/our-investment-in-modal · 2026-10-14
- https://thenextweb.com/news/modal-750m-series-d-15-75bn-valuation · 2026-10-14
Common questions
What is Modal Labs?
What does Modal Labs make?
Is Modal Labs publicly traded?
Who is the CEO of Modal Labs?
How can I invest in Modal Labs?
How much funding has Modal Labs raised?
Who owns Modal Labs?
Is Modal Labs a top robotics company?
Is Modal Labs safe?
Methodology: Verified · 14 sources (no primary) · last reviewed 2026-10-15
Verification posture
Verified
Medium confidence
Review state
Stable
Last reviewed 2026-10-15
Sources by quality tier
- 11
- unclassified
- Unclassified source
- 2
- secondary-industry-publication
- Industry publication
- 1
- secondary-established-publication
- Established publication
The framework is documented at /methodology. Corrections at /corrections. Reviewer: DEPLOY editorial team.
Methodology surface for Modal Labs.In the press
Recent coverage mentioning Modal Labs from third-party publications. Automatically surfaced; not part of the verified registry record.
Modal Labs valued at almost $16bn after launching in London
A cloud infrastructure platform for AI has been valued at $15.75 billion after launching in London. Modal Labs was founded by Swede Erik Bernhardsson, who began his career at…
Modal Labs Nears $750M Round at $15.75B Valuation as AI Inference Demand Surges
AI inference infrastructure provider Modal Labs is nearing a $750 million funding round led by Accel at a $15.75 billion valuation, according to a source familiar with the deal.…
Source: Inference provider Modal Labs closing in on $750M round at $15.75B valuation
The new financing is expected to more than triples the AI infrastructure startup's valuation from just four months ago.
Modal Labs in talks to raise funds at $15 billion valuation, Bloomberg News reports
Startups Modal, Baseten in Funding Talks to Help Businesses Run AI
Two startups that provide platforms to help businesses run artificial intelligence models are in talks to raise capital that could at least double their valuations, a sign of…
What we know about the rogue AI-agent security breaches
Rogue AI Probe Widens as OpenAI Discovers Additional Sandbox Breakout Incidents
Factbox-What we know about the rogue AI-agent security breaches
OpenAI AI agent escape extended to Modal Labs, report reveals
OpenAI Agent Used Exposed Credentials Across Four Services During Hugging Face Breach
Rogue OpenAI agent that hacked startup tried to attack other firms
OpenAI rogue AI claims another victim
Machine-readable surfaces
- Markdown mirror: /companies/modal-labs.md
- RSS feed: /companies/modal-labs/feed.xml
- JSON-LD: embedded in this page’s head
- REST API: /v1/companies/626d803e-6ce4-42a1-a69e-76fc79f356bf
- Revision history: /companies/modal-labs/history
- Data documentation: /data
- Query this programmatically: Deploy MCP
Reality vs attention
Not enough verified signal yet to place Modal Labs against peers. Reality and attention percentiles publish once the underlying record clears its data floor.
6-month trend
Analysis
Well-capitalized with $1.2B raised. Limited public visibility and press coverage relative to peers.
Signal flags
Dimension breakdown
Verified signal
Attention (reach, not merit)
DEPLOY Intelligence scores are computed from verified registry data: confirmed deployments, disclosed funding rounds, regulatory filings, active job listings, video viewership, and press coverage. Confidence ratings reflect data availability. Scores update nightly.
DEPLOY Indices — verified vs claimed
Last computed: Oct 18, 2026