AXEVIL Capital

Modal Labs Stock Price, Valuation & IPO

Private company — Modal Labs is privately held. Its shares are not listed on any public exchange and can only be accessed through private secondary transactions.

Status source: AXEVIL investment team

$100.59 per share (AXEVIL consensus estimate)

Source: AXEVIL consensus of recent secondary transactions · as of 10 November 2026

Last round valuation: $16B

Source: Series D, October 2026, post-money

Total raised: $1.2B

Data last updated: 10 November 2026

About Modal Labs

A cloud for AI models and agents with per-second billing: a developer describes a task in Python, and Modal spins up GPU containers drawn from 20+ clouds. Annual revenue of more than $1 billion; customers include DoorDash, Ramp and Physical Intelligence.

Modal was founded in 2021 in New York by Erik Bernhardsson, who built music recommendations at Spotify and spent six years leading technology at the mortgage company Better, and Akshat Bubna, a former engineering lead at Scale AI. The team wrote its own file system, container runtime and scheduler, so a GPU container starts in seconds: a developer describes a task directly in Python, and the platform spins up thousands of containers and shuts them down when the work is done. Modal rents capacity from 20+ clouds and sells it by the second. Demand comes from two sources: model inference in products and sandboxes for AI agents, which already bring in $300 million in annual revenue. Customers include DoorDash, Ramp, Suno, Linear and Physical Intelligence. Annualized revenue has passed $1 billion; the company has raised $1.2 billion in total at a valuation of $15.75 billion.

  • Sector: Artificial Intelligence
  • Headquarters: New York, USA
  • Founded: 2021

Key highlights

  1. Ramp: an agent on Modal writes 70% of the code. The fintech company was among the first customers back in 2023. According to Modal, its Inspect agent, which runs on the platform, now writes 70% of the code changes merged at the company.
  2. Suno: millions of songs a day. The music generator runs its models as Modal functions. The service creates millions of songs a day, scaling up to thousands of GPUs and shrinking almost to zero when demand falls.
  3. Snorkel: millions of simulations a month. Snorkel tests AI agents in simulations, and each one needs a full machine. The company runs millions of these tests a month in Modal's VM sandboxes.

Frequently asked questions

How can I buy Modal Labs stock before the IPO?

Not on a public exchange — Modal Labs is privately held. Shares change hands only in private secondary transactions. AXEVIL structures those as dedicated US special purpose vehicles for accredited investors, subject to availability and to the rules of your jurisdiction.

What is the Modal Labs stock price?

A private company has no single official share price. AXEVIL's consensus estimate is $100.59 per share as of 10 November 2026. Its most recent round implied a post-money valuation of $16B (October 2026).

What is Modal Labs's valuation (net worth)?

Modal Labs's most recent funding round valued the company at $16B post-money (October 2026) — the latest primary-market measure of what the company is worth. Secondary trades can price its shares above or below that round.

When will Modal Labs IPO?

No listing has been announced. AXEVIL does not forecast IPO dates — this page states what has actually been filed or reported, with the date it was last checked.

Is Modal Labs publicly traded?

No. Modal Labs is a private company and its shares are not listed on any public exchange.

Does Modal Labs have a stock symbol?

No. Modal Labs has no ticker symbol because its shares are not listed on any exchange; a symbol is assigned only at an IPO or direct listing.

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Risk disclosure

Nothing on this page is an offer to sell or a solicitation to buy any security, and it is not investment advice. Valuations and share prices shown here are AXEVIL estimates built from primary sources — filings, announced rounds and completed secondary transactions — not quoted market prices, and they can be revised. Private-company shares are illiquid, may be impossible to sell, and the entire amount invested can be lost. Availability depends on your jurisdiction and on accredited-investor status.

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