Modal Labs raises $750M at a $15.75B valuation after passing a $1B revenue run rate

Crunchbase News reported on 16 October 2026 that Modal Labs, a provider of cloud infrastructure for AI inference and other applications, raised $750 million in a Series D round led by Accel at a $15.75 billion valuation, the largest US round of the week. The New York-headquartered company said it recently exceeded an annual revenue run rate of $1 billion.

What it means Investors are still putting large rounds into inference infrastructure, and a $1B run rate suggests serverless GPU platforms are now a significant business.