[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
Modal closes $16B Series D at $1B ARR, 15x valuation growth in one year.
“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.”
Modal has raised a $16B Series D with $1B ARR, tripling usage and valuation in just five months and growing 15x over the past year. The growth is largely driven by its Sandbox product—now a $300M ARR line on its own—serving agent runtimes, RL training, and vibecoding platforms at up to one million concurrent sandboxes. The milestone signals that agent-era infrastructure demand is translating into massive, durable revenue at the platform layer.