Modal nears $750M round at $15.75B valuation

Modal Labs is reportedly nearing a $750 million Accel-led round at a $15.75 billion valuation, more than tripling its $4.65 billion mark after a $355 million raise four months ago, according to TechCrunch’s funding report. Modal had told Reuters it passed $300 million in annualized revenue in May but declined comment on this round. Infrastructure buyers should read the valuation as investor appetite for managed inference, not proof of healthy margins or reserved capacity; Nscale’s financing analysis keeps that delivery gap visible.