Lambda, an Nvidia-backed AI cloud provider, plans $4B raise at $14.5B valuation ahead of 2027 IPO

Lambda, an AI-focused cloud provider, is raising up to $4 billion at a $14.5 billion pre-money valuation ahead of a planned 2027 IPO, according to reporting by The Wall Street Journal. Coatue Management and Blackstone are leading the round, with Nvidia previously backing the company.

The startup’s backlog grew from $15 billion in June to $50 billion in September, largely due to a $35 billion commitment from Anthropic, which signed a deal with Lambda in late August. The letter to investors reviewed by the Journal attributed much of the backlog increase to this single commitment.

Lambda also raised an additional $1 billion in debt last week to fund data center buildouts. The company’s decision to raise more capital now is intended to set the tone for its IPO pricing and provide access to more capital before public market scrutiny increases.

If and when Lambda completes an IPO, it would join other Nvidia-backed neoclouds, such as CoreWeave and Nebius, that rely on public markets to fund their data center expansion. British neocloud Nscale filed for an IPO last month and is expected to begin trading soon.