A Third of Modal’s Revenue Is Isolation, Not GPU Hours

A funding round is not the story here. The revenue mix is.

• Modal crossed 1 billion dollars in annualized run rate and raised 750 million at a 15.75 billion dollar post-money valuation led by Accel.
• Usage tripled in five months and growth ran above 15 times year over year.
• Sandboxes, the product that runs untrusted code in isolation, is a 300 million dollar run rate business on its own, after close to three billion sandboxes.
• The company says it rebuilt its file system, container runtime, scheduler and networking, over capacity rented from more than 20 clouds. It owns no data centers.
• Kubernetes assumes a pod that lives for minutes or months. An agent runtime creates and destroys execution environments by the second.
• Named customers include DoorDash, Cognition, Ramp, Linear, Runway and Physical Intelligence.
• The company employs more than 200 people across New York, San Francisco and Stockholm.

Roughly a third of the revenue comes from containing code, not serving models. Read the full analysis.