Modal

modal.com →

-54%

est. 2Y upside i

AI & ML

Serverless cloud platform for running AI and data-intensive applications

Rank

#3285

Sector

AI Infrastructure

Est. Liquidity

~3Y

Data Quality

Data: High

Modal operates in a high-growth AI infrastructure market with a strong technical moat, but its current $2.5 billion valuation on $50 million ARR (50x multiple) is extremely high, leaving little room for error.

Last updated: March 10, 2026

Bull (20%)+200%

Modal successfully expands into new enterprise segments, leveraging its unique infrastructure to capture significant market share from traditional cloud providers. ARR reaches $250M, justifying a $7.5B valuation at 30x ARR, representing a 200% upside from the current valuation.

Base (35%)+20%

Modal maintains strong customer adoption in niche segments, growing ARR to $150M in two years. Valuation reaches $3B at a 20x ARR multiple, offering a moderate 20% upside from the current valuation.

Bear (45%)-60%

Hyperscalers aggressively cut inference costs and bundle services, commoditizing Modal's offerings and stalling growth. This leads to a down round at a $1B valuation (20x ARR), eroding 60% of common stock value given the current $2.5B valuation.

Est. time to liquidity~3.0 years

Adjusted for competitive dynamics: 15% (raw: -54%, adjustment: -5%)

Preference Stack Risk

low

Funding Intensity

With $111M in total funding against a $2.5B valuation, the funding intensity is 4.44%, indicating a low preference stack ahead of common shareholders.

Dilution Risk

moderate

The company is in talks for a new funding round, which will lead to further dilution for existing equity holders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for employee equity at this stage.

Engineering — 16 roles

Customer Engineer · New York
Forward Deployed Engineer - ML · New York
Forward Deployed Engineer - ML · Stockholm
+13 more →

GTM — 6 roles

Account Executive - AI-Native · New York
Account Executive - Enterprise · New York
Business Development Representative · New York
+3 more →

G&A — 5 roles

Design — 2 roles

Founding Brand Designer · New York
Member of Design Staff (Product) · New York

Finance — 2 roles

Controller · New York
VP Finance · New York

View all 31 open roles at Modal →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Modal's data — designed to show you've done your homework.

1
“Given the aggressive moves by hyperscalers like AWS and Google Cloud into serverless GPU offerings, how does Modal plan to maintain its competitive edge and pricing power over the next 2-3 years?”
2
“With an ARR of approximately $50M and a reported $2.5B valuation, what is the company's detailed strategy for accelerating revenue growth to justify and exceed this valuation, particularly in new enterprise segments?”
3
“Considering the recent Series B and the ongoing discussions for a new funding round at a higher valuation, what is the anticipated timeline for a liquidity event (IPO or acquisition) for employees, and how is the company managing potential future dilution?”