Modal Labs raises $750 million in week's biggest round

This week's Crunchbase list shows a quieter stretch for giant U.S. venture deals. Only two rounds reached the multiple hundreds of millions: Modal Labs at $750 million and Icon at $200 million. By contrast, the rest of the top 10 clustered between $60 million and $135 million, spanning RNA therapies, gene therapies, AI tools, health AI, caregiver platforms, insurance, semiconductor systems and AI spend management. The breadth suggests investors are still writing sizable checks across sectors, but the size at the top has come down.

Modal Labs' round stands out not just for its size but for what the company disclosed alongside it: a recent annual revenue run rate above $1 billion and a $15.75 billion valuation. The company sells cloud infrastructure for AI inference, the step where an AI model produces an answer. That places it in the same spending lane as hyperscalers (large cloud providers) and other AI compute vendors. The body does not say how the new capital will be used.

Icon's $200 million Series D, led by Baillie Gifford and BlackRock, went to an Austin-based developer of robotic construction systems known for 3D-printed homes. The company says it is on pace for 4x revenue growth in 2026. Together, the two largest rounds point to continued appetite for AI infrastructure and automation, even as the week's overall spending contracted.