The Zhitong Finance App learned that Lambda, a cloud computing company supported by Nvidia (NVDA.US), is starting the final round of pre-IPO financing and plans to raise up to 4 billion US dollars. According to foreign media quoting people familiar with the matter on Tuesday, this round of financing valued Lambda at 14.5 billion US dollars (not including the funds raised in this round). The pre-IPO round was led by Blackstone Group (BX.US) and Coatue Management (Coatue Management).
According to a letter to the limited partner seen by foreign media, Lambda aims to go public in 2027, but the exact pace depends on the progress of preparations and the market environment. Its order reserves have soared from $15 billion in June to $50 billion in September. Notably, this growth was largely driven by a single big order—Anthropic signed a $35 billion cloud computing power agreement with Lambda at the end of August, which means Lambda's current valuation is highly dependent on Anthropic's ability to continue to pay.
Lambda calls itself a “super smart cloud company”, focusing on AI cloud infrastructure. It was founded in 2012 and is headquartered in California. The company competes with other new cloud vendors such as Nebius (NBIS.US), Nscale (NSCL.US), CoreWeave (CRWV.US), and IREN (IREN.US).
The relationship between Lambda and Nvidia goes beyond a simple supplier. The latter also plays the triple role of an investor, hardware supplier, and customer. Lambda is also the winner of Nvidia's seven-time Partner of the Year Award and launch partner for next-generation GPU platforms.
In November 2025, Lambda signed a multi-year multi-billion dollar agreement with Microsoft to deploy AI infrastructure driven by tens of thousands of Nvidia GB300 NVL72 systems, further verifying its large-scale delivery capabilities.