Modal crossed a $1 billion annualised run rate and raised a $750 million Series D at a $15.75 billion post-money valuation, announced 14 October. The Series C, five months earlier, valued it at $4.65 billion — a 3.4x step in under half a year. Accel led, Kleiner Perkins joined, and existing investors including Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures participated.
The growth figures explain the step: usage tripled since the Series C, revenue is up more than 15x year over year, and capacity now spans more than 20 clouds. The standout line item is sandboxes — a $300 million run-rate product on its own, with close to 3 billion created and scaling to a million concurrent. TypeSafe's Jev pushed a trillion tokens through Modal in its first three days.
Customers named include DoorDash, Cognition, Ramp, Linear, Hebbia, Runway, Physical Intelligence, 1X and Chai Discovery. Modal is expanding into multi-node training and reinforcement-learning product lines. Read alongside Perplexity open-sourcing its sandbox the same week, the sandbox has quietly become a billion-dollar primitive rather than a developer convenience.
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