Modal lifts valuation to $15.75 billion and passes $1 billion run rate

What was announced

The details come from the New York Stock Exchange's daily pre-market update for October 27, 2026. The update's headline says Modal raised $750 million in a Series D round, and the text states that the company boosted its valuation to $15.75 billion.

The company also announced that it crossed $1 billion in annualized run rate. The source gives no further breakdown of that figure, and it does not name the investors in the round or explain how the run rate is calculated.

What Modal does

According to the NYSE update, Modal builds AI building blocks allowing developers to create a wide range of applications. The source does not go into technical detail about the products themselves.

CEO Erik Bernhardsson is set to join NYSE Live to discuss what is fueling the company's rapid growth. The source does not say what he will cover or when the appearance will take place.

Other items in the NYSE update

The Modal news was one item in a broader market advisory delivered by Kristen Scholer from the NYSE Trading Floor. Other topics included:

• ClioCon 2026 getting underway in Boston, an annual event hosted by legal practice software firm Clio, with Clio CEO Jack Newton due to join Taking Stock.
• Quarterly figures from UPS and Coca-Cola, with Microsoft, Alphabet and Amazon due to report later in the week.
• The start of a two-day FOMC meeting, with a rate decision expected Wednesday afternoon.

What it means

The figures point to rapid commercial growth at Modal, a company serving developers who build AI applications. A valuation of $15.75 billion and a run rate above $1 billion are the company's own reported milestones, as relayed in the NYSE update. The source offers no further financial detail, so how the round will be used or how Modal compares with competitors remains outside what it covers.