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AI cloud company Lambda seeks US$4 billion in final round before planned IPO

Blackstone and Coatue are leading the round at a US$14.5 billion pre-money valuation, the WSJ reported.

By West Coast News staff ·
An Nvidia GPU server under test
An Nvidia GPU server under test.

Nvidia-backed AI cloud company Lambda is raising US$4 billion in a final funding round before a planned initial public offering, The Wall Street Journal reported, according to Reuters and Data Center Dynamics.

Blackstone and Coatue Management are leading the round, which targets a US$14.5 billion valuation excluding the new money. Lambda is targeting an IPO in 2027, according to a letter to limited partners viewed by the Journal.

The letter said Lambda's backlog reached US$50 billion in September, up from US$15 billion in June, primarily linked to a deal with Anthropic valued at US$35 billion, DCD reported. Lambda declined to comment to the Journal.

Founded in 2012, Lambda operates out of 15 U.S. data centres and counts Microsoft and Anthropic among its customers.

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