---
title: "Modal revenue and valuation"
description: "Modal's ARR is estimated at $830M–$1.2B, last reported at $1B. Valued at $15.8B after raising $1.22B. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/modal.md
canonical_url: https://www.tryspecter.com/revenue-valuation/modal
publisher: Specter
last_updated: 2026-11-01
---

# 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.

Modal provides a serverless platform to run, train, and serve AI models with instant GPU access.

- Estimated revenue: $830M to $1.2B (October 2026)
- Estimated valuation: $13.1B to $18.9B (October 2026)
- Last reported ARR: $1B (October 2026)
- Total funding: $1.22B
- Founded: 2021
- Headquarters: New York City, United States
- Employees: 249
- Sector: AI infra
- Specter Rank: #420,657

## 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.

| Reported figure | Date | Source |
| --- | --- | --- |
| $1B ARR | October 2026 | [Modal Announces $1B Annualized Run Rate and $750M Series D at $15.75B Valuation](https://x.com/modal/status/2110379972502139213) (x.com) |
| $300M ARR | May 2026 | [Swedish Erik Bernhardsson's AI company Modal closes mega-round – valued at 43 billion](https://www.breakit.se/artikel/46391/svenske-erik-bernhardssons-ai-bolag-modal-stanger-jatterunda-varderas-till-43-miljarder) (breakit.se) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $1B | $830M | $1.2B |
| September 2026 | $790M | $510M | $1.21B |
| August 2026 | $620M | $420M | $900M |
| July 2026 | $490M | $360M | $660M |
| June 2026 | $380M | $300M | $480M |
| May 2026 | $300M | $250M | $360M |
| April 2026 | $165M | $129M | $210M |
| March 2026 | $91M | $73M | $113M |
| February 2026 | $50M | $42M | $60M |
| January 2026 | $36M | $20M | $52M |
| December 2025 | $33M | $16M | $49M |
| November 2025 | $30M | $15M | $45M |
| October 2025 | $29M | $13M | $45M |
| September 2025 | $22M | $10M | $34M |
| August 2025 | $19M | $7.9M | $30M |
| July 2025 | $17M | $6.3M | $28M |
| June 2025 | $15M | $6.1M | $24M |
| May 2025 | $13M | $5.1M | $21M |
| April 2025 | $14M | $5.2M | $22M |
| March 2025 | $13M | $5.2M | $21M |
| February 2025 | $11M | $4.8M | $18M |
| January 2025 | $11M | $4.4M | $17M |
| December 2024 | $13M | $4.4M | $22M |
| November 2024 | $13M | $4.3M | $21M |
| October 2024 | $9.8M | $3.7M | $16M |
| September 2024 | $9.8M | $3.6M | $16M |
| August 2024 | $11M | $5.2M | $17M |
| July 2024 | $8.9M | $3.5M | $14M |
| June 2024 | $8M | $3.7M | $12M |

## 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.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $15.8B | $13.1B | $18.9B |
| September 2026 | $15.8B | $13.1B | $18.9B |
| August 2026 | $4.65B | $3.87B | $5.59B |
| July 2026 | $1.1B | $910M | $1.32B |
| June 2026 | $4.65B | $3.87B | $5.59B |
| May 2026 | $4.65B | $3.87B | $5.59B |
| April 2026 | $3.49B | $2.49B | $4.88B |
| March 2026 | $2.61B | $1.95B | $3.5B |
| February 2026 | $1.96B | $1.49B | $2.57B |
| January 2026 | $1.47B | $1.17B | $1.84B |
| December 2025 | $1.1B | $910M | $1.32B |
| November 2025 | $1.1B | $880M | $1.38B |
| October 2025 | $1.1B | $910M | $1.32B |
| September 2025 | $1.1B | $910M | $1.32B |
| August 2025 | $410M | $115M | $950M |
| July 2025 | $400M | $114M | $1.06B |
| June 2025 | $380M | $102M | $1.05B |
| May 2025 | $400M | $91M | $1.04B |
| April 2025 | $390M | $99M | $1.02B |
| March 2025 | $390M | $93M | $1.04B |
| February 2025 | $410M | $89M | $1.13B |
| January 2025 | $390M | $85M | $1.03B |
| December 2024 | $400M | $94M | $1.14B |
| November 2024 | $390M | $89M | $1.09B |
| October 2024 | $420M | $98M | $810M |
| September 2024 | $360M | $94M | $750M |
| August 2024 | $310M | $90M | $770M |
| July 2024 | $310M | $143M | $530M |
| June 2024 | $300M | $144M | $530M |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $15.8B | November 2026 | [wisevoter.com](https://wisevoter.com/world/us/2026/11/02/modal-hits-1-billion-run-rate-raises-750-million) |
| $15.8B | October 2026 | Funding round |
| $15.8B | September 2026 | [app.dealroom.co](https://app.dealroom.co/news/note/modal-raises-750m-series-d-at-15-75b-valuation-tops-1b-in-arr) |
| $4.65B | August 2026 | [tech.eu](https://tech.eu/2026/08/06/new-york-headquartered-ai-startup-modal-labs-to-open-london-office/) |
| $1.1B | July 2026 | [timesofindia.indiatimes.com](https://timesofindia.indiatimes.com/technology/india-needs-a-stronger-olympiad-pipeline/articleshow/126157645.cms) |
| $4.65B | June 2026 | [crn.com](https://www.crn.com/news/cloud/2026/the-10-hottest-cloud-computing-startups-of-2026-so-far) |
| $4.65B | May 2026 | Funding round |
| $1.1B | December 2025 | [techcrunch.com](https://techcrunch.com/2025/12/01/at-least-36-new-tech-unicorns-were-minted-in-2025-so-far/) |
| $1.1B | October 2025 | [techfundingnews.com](https://techfundingnews.com/modal-scores-87m-series-b-joins-europes-unicorn-club-with-1-1b-valuation/) |
| $1.1B | September 2025 | Funding round |

## Modal funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 14 Oct 2026 | Series D | $750M | $15.8B | Accel |
| 21 May 2026 | Series C | $355M | $4.65B | Redpoint, General Catalyst |
| 29 Sep 2025 | Series B | $87M | $1.1B | Lux Capital |
| 20 Aug 2024 | Series A | Undisclosed | Undisclosed | Undisclosed |
| 10 Oct 2023 | Series A | $16.5M | Undisclosed | Redpoint |
| 1 Jan 2022 | Seed | $7M | Undisclosed | Amplify Partners |

## Modal vs competitors

The serverless AI compute market splits between specialized inference APIs and raw GPU cloud infrastructure.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Modal | $830M–$1.2B | $13.1B–$18.9B |
| Baseten (baseten.co) | $33M–$152M | $10B–$14.4B |
| Runpod (runpod.io) | $270M–$390M | $780M–$1.38B |
| Together AI (together.ai) | $990M–$2.03B | $7.42B–$10.6B |
| Lightning AI (lightning.ai) | $540M–$1.68B | $980M–$4.52B |

## Questions

### 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.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "Modal revenue and valuation." tryspecter.com/revenue-valuation/modal. Updated November 2026.