Modal Labs nears $750 million round at $15.75 billion valuation
TechCrunch reported the inference infrastructure startup's valuation has more than tripled in four months, as rival providers Baseten, Fireworks and Fal raise at similarly steep multiples.
Modal Labs is closing in on a $750 million funding round led by Accel at a $15.75 billion valuation, TechCrunch reported Monday, citing a person familiar with the deal.
The figure would more than triple Modal's $4.65 billion valuation from four months earlier. The serverless AI infrastructure company lets developers train models and run inference without managing their own servers, and its customers include Cognition, Suno, Ramp and Substack, according to TechCrunch.
Modal had surpassed $300 million in annualized revenue as of May, TechCrunch reported, and runs with roughly 150 employees out of New York. Neither Modal nor Accel has confirmed the round, and terms could still change before signing.
The jump reflects a broader rush into AI inference infrastructure. TechCrunch reported that rival providers Baseten, Fireworks and Fal are also raising at sharply higher valuations, with several inference startups on track to reach $1 billion in annual revenue by the end of the year.