@FinanceYF5: Annual Revenue Surges 15x in One Year, Modal Breaks $1 Billion AI cloud Modal announced today that its annualized reven…

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Summary

AI cloud provider Modal announced its annualized revenue surpassed $1 billion, a 15x jump in one year, alongside a $750 million Series D round at a $15.75 billion valuation. The company's per-second GPU billing model is enabled by its custom-built file system, containers, and scheduler.

Annual Revenue Surges 15x in One Year, Modal Breaks $1 Billion AI cloud Modal announced today that its annualized revenue has surpassed $1 billion, up over 15x in one year, with a $750 million Series D round at a $15.75 billion valuation. What it sells is "seconds": GPUs are typically leased by the long-term contract of about three years, but it slices them into second-by-second units; it can slice because, starting in 2021 (before AI took off), it built its own file system, containers, and scheduler from scratch. Twist: The sandbox line alone brings in $300 million, yet accounts for only about 30%; valuation ×3.4 and revenue ×3.3 in five months.
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Annual Revenue Surges 15x in One Year, Modal Breaks $1 Billion

AI cloud Modal announced today that its annualized revenue has surpassed $1 billion, up over 15x in one year, with a $750 million Series D round at a $15.75 billion valuation. What it sells is “seconds”: GPUs are typically leased by the long-term contract of about three years, but it slices them into second-by-second units; it can slice because, starting in 2021 (before AI took off), it built its own file system, containers, and scheduler from scratch.

Twist: The sandbox line alone brings in $300 million, yet accounts for only about 30%; valuation ×3.4 and revenue ×3.3 in five months.

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@modal: https://x.com/modal/status/2057527310123770008

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Modal raised $355M in Series C funding at a $4.65B valuation, led by General Catalyst and Redpoint, to expand its AI-focused cloud platform. The company has grown fivefold since September and surpassed $300M in annualized revenue.

@eladgil: AI growth rates are

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Elad Gil highlights Modal's explosive AI growth after the dev infrastructure platform announced crossing $1B in annualized run rate and raising a $750M Series D at a $15.75B valuation led by Accel.