AI cloud computing startup Lambda is raising up to $4 billion in a funding round led by Blackstone and Coatue Management. The round values the Nvidia-backed company at $14.5 billion before the new capital. It is described as Lambda’s final private financing before a planned initial public offering in 2027.
Lambda provides cloud access to Nvidia GPUs for training AI models. Its order backlog was $15 billion in June. By September, it had risen to $50 billion, including a $35 billion cloud services agreement with AI developer Anthropic.
The new funds will likely go toward acquiring more hardware and expanding data center capacity to meet strong demand.