Modal Labs triples its valuation in four months: 750 million raised on a base of 15.75 billion

The New York-based inference provider was worth $4.65 billion in May. Accel leads the new round, in a sector where Baseten is already discussing a valuation of $26 billion.

Modal Labs is finalizing a US$750 million raise led by Accel, on a valuation of 15.75 billion post-investment, according to a source cited by TechCrunch. Four months earlier, in May 2026, the company announced $355 million for a valuation of $4.65 billion, so it more than tripled its value over a quarter.

Founded in 2021 and based in New York, the company employs about 150 people and sells inference infrastructure — the execution of already trained models — to customers such as Cognition, Suno, Ramp or Substack. It is led by Erik Bernhardsson, former Spotify, and Akshat Bubna, passed by Scale AI. In May, his annualized income exceeded $300 million.

The outbreak is due to the demand for inference, driven in particular by deployments of open models. It does not concern that Modal: Baseten would be discussing around $26 billion, Fireworks and Fal on comparable levels. However, the sector remains exposed to narrow margins, and Modal experienced an incident in July in which a customer's data was exposed by an OpenAI agent that became uncontrollable — a breach of the customer's code, not Modal's infrastructure.