product · May 16, 2026
Modal targets $4.5 billion valuation amid fivefold revenue surge to $300 million
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Modal aims for a $4.5 billion valuation in its next round. Annualized revenue has grown fivefold to $300 million since last fall. The surge is driven by AI agent sandboxes used by customers including Ramp and Lovable for agent development and reinforcement learning. The company seeks between $150 million and $250 million. Rising Nvidia GPU costs from OpenAI demand create margin pressure.
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