[AINews] Modal’s $1B ARR, $16B Series D makes it NYC’s newest AI Infra Decacorn, 3x usage and 3x valuation in 5 months, 15x in 1 yr
Modal’s Sandboxes product alone has reached a $300 million run rate.
Launched in 2023 after Modal saw developers using LLMs to generate code, Sandboxes now serves background agents, reinforcement learning and vibecoding platforms. Modal says it has spun up nearly 3 billion sandboxes and can support a million concurrently. The company reports crossing $1 billion in annualized run rate and raising $750 million in an Accel-led Series D at a $15.75 billion valuation. Usage has tripled since its Series C, with growth exceeding 15-fold year over year.
Latent Space's note
Launched in 2023 after Modal saw developers using LLMs to generate code, Sandboxes now serves background agents, reinforcement learning and vibecoding platforms. Modal says it has spun up nearly 3 billion sandboxes and can support a million concurrently. The company reports crossing $1 billion in annualized run rate and raising $750 million in an Accel-led Series D at a $15.75 billion valuation. Usage has tripled since its Series C, with growth exceeding 15-fold year over year.
Latent Space's note
score 9