Lambda Seeks Up to $4 Billion Ahead of Planned 2027 IPO

AI cloud provider Lambda is seeking up to $4 billion at a $14.5 billion pre-money valuation as it prepares for a potential 2027 public listing. The financing could be the Nvidia-backed company’s final private round before an IPO, according to The Wall Street Journal.

Coatue Management and Blackstone are leading the round, the Journal reported, as Lambda expands infrastructure for large artificial intelligence customers.

Lambda’s backlog jumps to $50 billion

An investor letter reviewed by the Journal showed Lambda’s contracted backlog rising from $15 billion in June to $50 billion in September. Much of that increase is tied to Anthropic, which signed a $35 billion cloud computing agreement with Lambda in late August.

The Anthropic commitment now represents a substantial share of Lambda’s reported backlog, making the AI company’s ability to fulfil the contract particularly important to Lambda’s future revenue commitments.

Infrastructure expansion remains expensive

Lambda said last week that it had closed $1 billion in senior secured fixed-rate financing for its infrastructure buildout. Debt remains a major tool for AI data centre expansion, although tighter lending conditions have complicated some projects.

IPO plans move toward 2027

Lambda had previously considered an earlier public-market debut, but those plans shifted amid market uncertainty. Earlier reporting showed the company was exploring additional private financing ahead of an IPO.

If Lambda proceeds with a 2027 listing, it would join other Nvidia-backed AI infrastructure companies in the public markets. CoreWeave and Nebius are already publicly traded, while British AI cloud provider Nscale filed for an IPO last month and is expected to begin trading soon.

The proposed round would give Lambda additional financial flexibility before entering public markets.