Modal
Pay-as-you-go GPUs and sandboxes for training jobs, AI inference and coding agents.
- Revenue
- About $300M annualised (CEO, 2026, reported)
- Value
- $4.65B in a $355M Series C in May 2026. A round at about $15.75B was reported as being closed in September 2026 (reported)
- Growth
- Annualised revenue up from $60M in September 2025 to about $300M (CEO, reported)
- Based in
- New York, US
- Listed
- Private
Customers include AI coding and agent firms, so its demand grows with theirs.
Much of its growth comes from sandboxes for AI coding, which is a fast-moving niche.
Money coming in
Who pays Modal, and for what.
No customers of Modal mapped yet.
Money going out
Who Modal pays to do what it does.
No suppliers of Modal mapped yet.
Where it sits on the map
Competitors and neighbours
Pays vetted experts to write, grade and check the training data that AI labs buy.
About $2B gross annualised run rate in June 2026, reported by The Information. Gross means before contractor pay, which Sacra says is 60 to 70 percent of it
Open profileThe largest GPU-only cloud, renting Nvidia chips to AI labs and big tech on long contracts.
Quarterly revenue $2.6B, up 112%. $104B backlog. Still loss-making
Open profileLabels and grades training data and runs human evaluations for AI labs and big companies.
Meta paid $14.3B for 49%
Open profileSupplies high-end human data to AI labs, and was profitable before its first outside raise.
About $1.2B in 2024 (Sacra estimate)
Open profileLab founded by former OpenAI leaders, which sells Tinker for managed fine-tuning of open models.
Annualised run rate above $100M, self-reported and unaudited
Open profileHosts and fine-tunes open AI models on rented GPUs for companies.
About $1B annualised (Sacra estimate, Feb 2026)
Open profileDeveloper platform that makes it easier to fine-tune and deploy open language models.
Reported sale price of $100M to $500M to Rubrik in June 2025 (reported, not official)
Open profileDesigns the GPUs that train and run most big AI models, and the CUDA software they run on.
$89.0B data centre revenue in the quarter to July 2026 (fiscal Q2 2027), out of $96.2B total
Open profileMakes fast inference chips for running models, built around its own LPU design.
$3.5B in a 2026 round that followed its Nvidia licensing deal
Open profileSources: dealroom.co, techcrunch.com, shopifreaks.com, pulse2.com, sacra.com
The map updates three times a week.
241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.
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