[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

Today Modal switches from our infra unicorn category to infra decacorn. We last caught up with Modal CTO Akshat in July: In early 2022, the first “real” @modal user was using us for processing large scale weather data. We were anxious about going up to them and asking them to pay ~$500 for continuing to run these jobs. (We thought it was a lot!) Obviously the numbers are much bigger now. But… Today we're announcing that Modal has crossed $1B in annualized run rate, as well as raised a $750M Series D at a $15.75B valuation, led by @Accel. Since our Series C, usage has tripled and we’ve grown more than 15x year-over-year. We are deeply grateful to the developers and https://t.co/8KqHfbnwH4 3:57 PM · Oct 14, 2026 · 19.3K Views We launched Sandboxes in 2023 when we noticed that people were using LLMs to generate code. Sandboxes exploded and three years later, it’s a $300M run rate product just on its own. Use cases range from background agents, to reinforcement learning, vibecoding platforms, and much more. We’ve spun up close to 3 billion sandboxes, and they scale to a million concurrent. We launched Sandboxes in 2023 when we noticed…