{"id":"626d803e-6ce4-42a1-a69e-76fc79f356bf","name":"Modal Labs","slug":"modal-labs","description":"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.\\n\\nRather 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.\\n\\nAfter 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.","status":"private","founded":2021,"hq":"New York, NY, USA","hqLat":40.7127281,"hqLng":-74.0060152,"hqGeocodedAt":"2026-10-10T04:22:53.276Z","hqAddress":null,"hqPrecision":null,"website":"https://modal.com","fundingTotal":"1216000000","type":"infrastructure","roles":[],"reviewStatus":"reviewed","heatIndex":0,"lifecycleState":"active","supersededByCompanyId":null,"sources":[{"url":"https://modal.com/blog/general-availability-and-series-a","title":"Modal is now generally available (Series A announcement)"},{"url":"https://modal.com/pricing","title":"Modal Pricing"},{"url":"https://modal.com/company","title":"About Modal"},{"url":"https://modal.com/customers","title":"Modal Customers"},{"url":"https://techcrunch.com/tag/modal-labs/","title":"Modal Labs coverage"},{"url":"https://www.theinformation.com/","title":"Modal in talks to raise at $2.5B valuation (Feb 11, 2026)"},{"url":"https://modal.com/","title":"modal.com","sourceName":"modal.com"},{"url":"https://modal.com/blog/modal-series-c","title":"Modal's Series C: Raising $355M at a $4.65B valuation","sourceName":"Modal","publishedAt":"2026-05-21"},{"url":"https://modal.com/blog/announcing-our-series-b","title":"Announcing our $87M Series B","sourceName":"Modal","publishedAt":"2025-09-29"},{"url":"https://www.reuters.com/business/modal-labs-valued-465-billion-ai-coding-takes-off-2026-05-21/","title":"Modal Labs valued at $4.65 billion","sourceName":"Reuters","publishedAt":"2026-05-21"},{"url":"https://www.oracle.com/news/announcement/ocw24-modal-labs-uses-oracle-cloud-infrastructure-for-large-scale-ai-workloads-2024-09-10/","title":"Modal Uses Oracle Cloud Infrastructure for Large-Scale AI Workloads","sourceName":"Oracle","publishedAt":"2024-09-10"},{"url":"https://modal.com/blog/1-billion-annualized-run-rate-series-d","title":"Modal crosses $1B in Annualized Run Rate and raises $750M Series D","sourceName":"Modal","publishedAt":"2026-10-14"},{"url":"https://www.accel.com/news/our-investment-in-modal","title":"Our Investment in Modal","sourceName":"Accel","publishedAt":"2026-10-14"},{"url":"https://thenextweb.com/news/modal-750m-series-d-15-75bn-valuation","title":"Modal raises $750M at $15.75bn valuation as run rate tops $1bn","sourceName":"The Next Web","publishedAt":"2026-10-14"}],"keyFacts":[{"label":"Offices","value":"New York headquarters, with offices in San Francisco and Stockholm."},{"label":"Revenue (company-claimed, May 2026)","value":"More than $300M annualized, after growing fivefold since Sep 2025; Sandboxes drive over a third of revenue."},{"label":"Sandboxes (company-claimed)","value":"Over 1 billion sandboxes launched on Modal for agent code execution and RL environments."},{"label":"Published hourly pricing (on demand)","value":"B300 $7.10/hr, B200 $6.25/hr, H200 $4.54/hr, H100 $3.95/hr, A100 80GB $2.50/hr, L40S $1.95/hr, A10 $1.10/hr, T4 $0.59/hr."},{"label":"Silicon partner","value":"Nvidia-only fleet from T4 and L4 through H100, H200, B200 and B300."},{"label":"Infrastructure model","value":"Own file system, container runtime and scheduler pooling rented GPU capacity across hundreds of data centers; no owned campuses."},{"label":"Named customers (company-claimed)","value":"Suno, Runway, Physical Intelligence, Cognition, Lovable, Decagon, Ramp, Substack, Quora, DoorDash, Chai Discovery, Reducto and Meta."},{"label":"Earlier rounds (reported)","value":"Amplify Partners led the seed; Redpoint Ventures led a $16M Series A in Oct 2023. Total raised reached $111M after the Series B."},{"label":"Annualized run rate (company-claimed, Oct 2026)","value":"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."},{"label":"Sandboxes run rate (company-claimed, Oct 2026)","value":"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."},{"label":"Robotics customers (company-claimed)","value":"Physical Intelligence, Generalist AI and 1X train robots on Modal. Capacity pool spans 20+ clouds."}],"aliases":[],"collisionRisk":"low","reviewNote":null,"atsProvider":null,"atsSlug":null,"factoryLocations":null,"manufacturingCapacity":null,"orgType":null,"burnSignal":null,"litigationEvents":null,"insurancePostureDisclosed":null,"unitEconomicsDisclosed":null,"tickerSymbol":null,"stockExchange":null,"secCik":null,"revenueUsd":null,"revenueBasis":null,"revenueAsOf":null,"employeeCount":120,"employeeCountBasis":"disclosed","employeeCountAsOf":"2026-05-21T12:00:00.000Z","marketCapUsd":null,"marketCapAsOf":null,"marketCapSource":null,"createdAt":"2026-08-28T01:48:27.714Z","updatedAt":"2026-10-15T01:56:30.936Z","jsonLd":{"@context":"https://schema.org","@type":"Organization","@id":"https://registry.deploy.report/companies/modal-labs","url":"https://registry.deploy.report/companies/modal-labs","name":"Modal Labs","description":"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.\\n\\nRather 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.\\n\\nAfter 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.","identifier":"626d803e-6ce4-42a1-a69e-76fc79f356bf","foundingDate":"2021","address":"New York, NY, USA","publisher":{"@id":"https://deploy.report/#organization"}},"framework_metadata":{"framework_schema_version":"0.1.0","verification_status":"verified","maturity_stage":null,"lifecycle_state":null,"architectural_position":{"cohort":null,"sub_cohorts":[]},"within_cohort_verified_vs_claimed_pair":null,"cap_flags":[],"verification_depth":{"sources_count":14,"primary_source_types":["secondary-established-publication","secondary-industry-publication"]}}}