Lambda targets up to $4 billion at $14.5 billion valuation ahead of planned IPO
Nvidia-backed AI cloud provider Lambda is raising up to $4 billion in a funding round led by Blackstone and Coatue Management, positioning the company at a $14.5 billion pre-money valuation ahead of an expected 2027 public listing.
The Wall Street Journal reported that Nvidia-backed cloud-computing provider Lambda is raising up to $4 billion in a funding round valuing the company at $14.5 billion pre-money. Led by Blackstone and Coatue Management, the financing is expected to serve as the startup's final private round before an initial public offering.[4][2][1][5][3]
Lambda, which operates as an AI neocloud renting out Nvidia graphics processing units, is targeting a 2027 listing depending on execution and market conditions, according to a letter sent to its limited partners. The current round tops discussions reported by Bloomberg in August, which weighed raising up to $3 billion at a valuation above $12 billion, and follows a $1.5 billion equity round closed in November 2025.[2][1][3]
The stepped-up valuation comes as Lambda's revenue backlog jumped from roughly $15 billion in June to about $50 billion in September. Nearly all of that surge stems from a $35 billion cloud contract signed on August 31 with Anthropic to provide Nvidia-powered infrastructure for Claude. Lambda also counts Microsoft as a partner, while Nvidia holds the lease on a Texas data center leased from Hut 8 to support operations.[2]
Key facts
- Lambda is raising up to $4 billion in a funding round led by Blackstone and Coatue Management.
- The financing values Lambda at a pre-money valuation of $14.5 billion.
- The raise is expected to be Lambda's final private round before a planned IPO targeted for 2027.
- Lambda's revenue backlog climbed from about $15 billion in June to roughly $50 billion in September, fueled by a $35 billion cloud agreement with Anthropic signed August 31.
- Lambda previously secured a $1.5 billion equity round in November 2025 and held talks in August to raise up to $3 billion at a valuation over $12 billion.
- Nvidia holds the lease on a Texas data center leased from Hut 8 to support capacity, and Microsoft is a Lambda partner.
Sources · 5 sources
- TE
TechCrunch@TechCrunchPost on X ·
Nvidia-backed Lambda is raising up to $4 billion at a $14.5 billion pre-money valuation ahead of a planned 2027 IPO, led by Coatue and Blackstone. https://t.co/2kaqQfGWr3
Open source - AG
AGTP@AGTPinsightsPost on X ·
Nvidia-backed Lambda is raising up to $4B before its IPO. Here's what you need to know. The Wall Street Journal reports Lambda is raising up to $4 billion at a $14.5 billion pre-money valuation, citing people familiar with the matter. Blackstone and Coatue Management are leading the round. It would be Lambda's final private round before a planned IPO. Lambda is an AI cloud company, often called a neocloud, that rents out Nvidia GPUs. It is targeting a 2027 listing, depending on execution and market conditions, according to a letter to its limited partners. Most of its growth comes from one customer. Its revenue backlog went from about $15B in June to about $50B in September, and almost all of that is a $35B cloud deal with Anthropic, signed Aug 31. The deal brings more Nvidia-powered capacity online for Anthropic's Claude. Nvidia holds the lease on the Texas data center, which it leases from Hut 8. Microsoft is also a Lambda partner. Key numbers: - Up to $4B raise - $14.5B pre-money valuation - $35B Anthropic deal - Backlog: $15B in June, $50B in September - Earlier: up to $3B at $12B+ in talks in August (Bloomberg), $1.5B equity round in Nov 2025 The round is bigger and priced higher than the August talks, and some observers note the backlog leans heavily on a single customer.
Open source - R�
RuntimeWire 🏴☠️@runtimewirePost on X ·
Lambda is raising up to $4B ahead of a planned 2027 IPO, per WSJ. The Nvidia-backed AI cloud provider is reported at a $14.5B pre-money valuation with Blackstone and Coatue leading. https://t.co/jUz9LmQWYP
Open source - TW
The Wall Street Journal@WSJPost on X ·
Exclusive: Nvidia-backed cloud-computing company Lambda is raising up to $4 billion at a pre-money valuation of $14.5 billion in a final round of fundraising before the company’s planned IPO. https://t.co/mA2trqtoyM
Open source - TE
Techmeme@TechmemePost on X ·
Sources: AI neocloud Lambda is raising up to $4B led by Blackstone and Coatue at a pre-money valuation of $14.5B in a final round before its planned IPO (@rwhelanwsj / Wall Street Journal) (Visit Techmeme dot com for the link and full context!)
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