AI inference infrastructure provider Modal Labs is nearing a 15.75 billion valuation that includes the investment, according to a source with knowledge of the funding.
The new round would more than triple Modal’s valuation from the 355 million previous fundraise four months ago.
As of May, Modal had surpassed $300 million in annualized revenue. The company serves customers including Cognition, Suno, and Ramp.
The deal comes amid soaring demand for inference services, particularly from customers relying on open-source models. Baseten is reportedly nearing capital at a $26 billion valuation; Fireworks and Fal have also discussed new rounds.
The round has not been officially closed by Modal as of the reporting date.