AI cloud startup Lambda, backed by Nvidia, races toward IPO: planning to raise up to $4 billions in the final pre-listing round, with a valuation of $14.5 billions

According to Jinse Finance, Lambda, the cloud computing company backed by NVIDIA (NVDA.US), is launching its final pre-IPO financing round, aiming to raise up to 4 billion USD. Foreign media reported on Tuesday, citing sources, that this round values Lambda at 14.5 billion USD (excluding the funds raised in this round). This pre-IPO round is led by Blackstone Group (BX.US) and Coatue Management.

According to a letter to limited partners seen by foreign media, Lambda is targeting a public listing in 2027, but the exact timeline will depend on preparation progress and market conditions. Its order backlog has soared from 15 billion USD in June to 50 billion USD in September. Notably, this growth is largely driven by a single large order—Anthropic signed a cloud computing capacity agreement with Lambda at the end of August worth 35 billion USD, which means Lambda's current valuation is highly dependent on Anthropic's sustained payment capability.

Lambda describes itself as a “super intelligent cloud company” focused on AI cloud infrastructure, founded in 2012 and headquartered in California. The company competes with other new cloud providers such as Nebius (NBIS.US), Nscale (NSCL.US), CoreWeave (CRWV.US), and IREN (IREN.US).

Lambda’s relationship with NVIDIA goes beyond a simple supplier; the latter also acts as investor, hardware supplier, and customer. Lambda is a seven-time annual NVIDIA Partner Award winner and a launch partner for the new generation GPU platform.

In November 2025, Lambda signed a multi-year, multi-billion dollar agreement with Microsoft to deploy AI infrastructure powered by tens of thousands of NVIDIA GB300 NVL72 systems, further validating its large-scale delivery capabilities.