Startup Modal in Talks to Raise at $4.5 Billion Valuation After Revenue Surges

Modal, a startup that rents out Nvidia graphics processing units and software to help developers run and train models as well as agents, is in talks to raise money at around a $4.5 billion valuation. That would be an 80% premium to its last valuation from just a few months ago, according to two people with knowledge of the round. The steep hike in valuation follows a jump in its annualized revenue to around $300 million, up five times from its pace last fall, one of the people with knowledge...