Modal revenue and valuation
Specter estimates Modal's annual revenue at $830M to $1.2B and its valuation at $13.1B to $18.9B. The company last reported $1B ARR in October 2026 and was priced at $15.8B in October 2026.
- Estimated revenue
- $830M–$1.2B
- Estimated valuation
- $13.1B–$18.9B
- Reported ARR
- $1B
- Total funding
- $1.22B
- Founded
- 2021
- Headquarters
- New York City, United States
- Employees
- 249
Modal revenue
Modal grew from $300M ARR in May 2026 to $1B in October 2026. Specter's model puts current ARR between $830M and $1.2B, anchored to two reported figures.
Monthly data
| Month | Specter estimate | Low | High | Reported ARR |
|---|---|---|---|---|
| $1B | $830M | $1.2B | $1B | |
| $790M | $510M | $1.21B | ||
| $620M | $420M | $900M | ||
| $490M | $360M | $660M | ||
| $380M | $300M | $480M | ||
| $300M | $250M | $360M | $300M | |
| $165M | $129M | $210M | ||
| $91M | $73M | $113M | ||
| $50M | $42M | $60M | ||
| $36M | $20M | $52M | ||
| $33M | $16M | $49M | ||
| $30M | $15M | $45M | ||
| $29M | $13M | $45M | ||
| $22M | $10M | $34M | ||
| $19M | $7.9M | $30M | ||
| $17M | $6.3M | $28M | ||
| $15M | $6.1M | $24M | ||
| $13M | $5.1M | $21M | ||
| $14M | $5.2M | $22M | ||
| $13M | $5.2M | $21M | ||
| $11M | $4.8M | $18M | ||
| $11M | $4.4M | $17M | ||
| $13M | $4.4M | $22M | ||
| $13M | $4.3M | $21M | ||
| $9.8M | $3.7M | $16M | ||
| $9.8M | $3.6M | $16M | ||
| $11M | $5.2M | $17M | ||
| $8.9M | $3.5M | $14M | ||
| $8M | $3.7M | $12M |
| Date | Reported ARR | Source |
|---|---|---|
| $1B | ||
| $300M |
Modal valuation
Modal's valuation rose from $1.1B at its Series B in September 2025 to $15.8B at its Series D in October 2026. Specter's live estimate sits between $13.1B and $18.9B.
Monthly data
| Month | Specter estimate | Low | High | Reported valuation |
|---|---|---|---|---|
| $15.8B | $13.1B | $18.9B | $15.8B (round) | |
| $15.8B | $13.1B | $18.9B | $15.8B (press) | |
| $4.65B | $3.87B | $5.59B | $4.65B (press) | |
| $1.1B | $910M | $1.32B | $1.1B (press) | |
| $4.65B | $3.87B | $5.59B | $4.65B (press) | |
| $4.65B | $3.87B | $5.59B | $4.65B (round) | |
| $3.49B | $2.49B | $4.88B | ||
| $2.61B | $1.95B | $3.5B | ||
| $1.96B | $1.49B | $2.57B | ||
| $1.47B | $1.17B | $1.84B | ||
| $1.1B | $910M | $1.32B | $1.1B (press) | |
| $1.1B | $880M | $1.38B | ||
| $1.1B | $910M | $1.32B | $1.1B (press) | |
| $1.1B | $910M | $1.32B | $1.1B (round) | |
| $410M | $115M | $950M | ||
| $400M | $114M | $1.06B | ||
| $380M | $102M | $1.05B | ||
| $400M | $91M | $1.04B | ||
| $390M | $99M | $1.02B | ||
| $390M | $93M | $1.04B | ||
| $410M | $89M | $1.13B | ||
| $390M | $85M | $1.03B | ||
| $400M | $94M | $1.14B | ||
| $390M | $89M | $1.09B | ||
| $420M | $98M | $810M | ||
| $360M | $94M | $750M | ||
| $310M | $90M | $770M | ||
| $310M | $143M | $530M | ||
| $300M | $144M | $530M |
Modal funding rounds
| Date | Round | Raised | Post-money valuation | Lead investors |
|---|---|---|---|---|
| Series D | $750M | $15.8B | Accel | |
| Series C | $355M | $4.65B | Redpoint, General Catalyst | |
| Series B | $87M | $1.1B | Lux Capital | |
| Series A | Undisclosed | Undisclosed | Undisclosed | |
| Series A | $16.5M | Undisclosed | Redpoint | |
| Seed | $7M | Undisclosed | Amplify Partners |
Modal competitors
The serverless AI compute market splits between specialized inference APIs and raw GPU cloud infrastructure.
| Company | Revenue | Valuation |
|---|---|---|
| $830M–$1.2B | $13.1B–$18.9B | |
| $33M–$152M | $10B–$14.4B | |
| $270M–$390M | $780M–$1.38B | |
| $990M–$2.03B | $7.42B–$10.6B | |
| $540M–$1.68B | $980M–$4.52B |
Modal revenue and valuation FAQ
What is Modal's revenue?
Specter estimates Modal's annual recurring revenue at $830M to $1.2B as of October 2026. Modal last reported $1B ARR in October 2026, up from $300M in May 2026.
What is Modal's valuation?
Modal's latest post-money valuation is $15.8B, from an October 2026 Series D. Specter's live estimate is $13.1B to $18.9B.
What is Modal's revenue multiple?
Modal is valued at about 15.8× ARR, based on its $15.8B October 2026 valuation and $1B last reported ARR. That works out to roughly $4.02M of ARR per employee.
How much funding has Modal raised?
$1.22B across six rounds, from a $7M Seed in January 2022 to a $750M Series D in October 2026.
Who invested in Modal?
42 investors, including Accel, Amplify Partners, General Catalyst, Lux Capital and Redpoint.
Who are Modal's competitors?
Baseten, Runpod, Together AI and Lightning AI. Specter ranks 30 competitors for Modal.