Lambda to raise up to $4 billion ahead of planned 2027 IPO — TechCrunch

Nvidia-backed cloud provider Lambda plans to raise up to $4 billion at a pre-money valuation of $14.5 billion. According to TechCrunch, citing The Wall Street Journal, the round is being led by Coatue Management and Blackstone. It could become the company’s final private round before its planned initial public offering in 2027.

Order backlog

A letter to investors reviewed by The Wall Street Journal indicates that Lambda’s order backlog grew from $15 billion in June to $50 billion in September. A significant part of the increase was driven by Anthropic’s $35 billion commitment. The company signed an agreement with Lambda at the end of August.

TechCrunch notes that Lambda’s valuation has risen substantially since its 2025 funding round. At the same time, its future value may depend heavily on Anthropic’s ability to meet its financial commitments. Amid a shortage of reliable GPU capacity, investors, according to the publication, remain willing to invest in providers of such computing resources.

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Debt financing for data centers

Neocloud providers such as Lambda finance the expansion of their data centers largely through debt. Last week, Lambda also raised another $1 billion in debt financing. The company had previously been expected, according to the publication, to go public this year, but postponed its debut due to market uncertainty.

In the event of an IPO, Lambda will join other Nvidia-backed neocloud companies, including CoreWeave and Nebius, which use the value of their shares to finance data center construction. Lambda, Coatue Management and Blackstone did not promptly comment on the funding round.