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Modal owns no GPUs — it RENTS them, mostly by the hour, from the hyperscalers and neoclouds and resells them by the second at ~1.6–2.5x a wholesale H100-hour ($3.95/hr list), so the neocloud depreciation-and-debt risk is someone else's; its risks are gross-margin squeeze when GPUs are scarce, the idle buffer it pays for, and a price that has run from $1.1B (Sep 2025) to $4.65B (May 2026) to reported $15B talks (Sep 2026) on >$300M annualized revenue that is a third agent-sandboxes. The best soft
The research around Modal
Covered in the Knowledge Base
Datacenters & Digital Infrastructure
Company details
| Industry | Cloud Computing |
Others in datacenters
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