Annual Revenue Surges Fivefold to $300 million, Mining Power Platform Modal Aims to Raise Funds at $4.5 Billion Valuation

According to Dynamix Beating monitoring, GPU hashpower deployment platform Modal is in the midst of a new round of funding negotiations. As reported by The Information, it is targeting a valuation of around $4.5 billion, an 80% premium to its previous funding round a few months ago. The fundraising target is expected to be between $150 million and $250 million, with existing investors Accel and Redpoint Ventures participating in the negotiations.

The high valuation is directly supported by a surge in revenue. Modal's annualized revenue has reached around $300 million, five times higher than last fall.

This growth is primarily driven by the sandbox demand for AI Agents. The sandbox provides developers with an isolated software environment, allowing Agents to safely execute code within it without disrupting the main system. With companies like Ramp and Lovable extensively utilizing the sandbox to develop Agents and engage in reinforcement learning, Modal has directly benefited from the application-layer boom.

However, behind this rapid growth, the soaring demand for hashpower from leading companies like OpenAI has driven up GPU spot prices. Platforms like Modal, which lease GPUs from large cloud providers and then sublease them to developers, may face significant profit margin pressure in the future.