Modal's $750M Series D

AI & tech · Heat 1.1 / 10 · 2 shows · 17m airtime

AI cloud startup Modal closed a $750 million Series D on October 14 at a $15.75 billion post-money valuation. On Bloomberg Tech, CEO Eric Bernhardsen put the sandbox product at the center, saying Modal has run more than 3 billion sandboxes and books about $300 million in run-rate revenue from them, with Cognition, Ramp and TypeSafe as customers. The Information's TITV then reported an annualized revenue run rate of $1 billion, up from $300 million in May, with compute rented from 25 cloud vendors. The discussion now turns on how the sandbox figure relates to the larger total, and how much of the business sits outside it.

How 2 podcasts covered it

1. Bloomberg Tech, 2026-10-14 (22:59 to 28:26)
   Interviews the CEO on sandbox usage and customers
   Interviews Modal CEO Eric Bernhardsen on the $750 million Series D and the $15.75 billion valuation, drawing out sandbox usage numbers and named customers rather than the round itself.
   New angle: Modal has run more than 3 billion sandboxes and books about $300 million in run-rate revenue from them.
2. The Information's TITV, 2026-10-19 (14:11 to 25:22)
   Puts Modal's $1 billion run rate on record
   Bernhardsson returns to put the whole company on the record: $1 billion annualized run rate, up from $300 million in May, with compute rented from 25 cloud vendors and margins he calls healthy and growing. The sandbox figure that anchored the last appearance is now one line inside a much bigger revenue number.
   New angle: Modal's annualized revenue run rate is $1 billion, up from $300 million in May, with compute rented from 25 cloud vendors.