Nvidia-backed AI cloud upstart Lambda races toward IPO: Final pre-IPO round seeks to raise up to $4 billion at a $14.5 billion valuation.

NVIDIA Corporation (NVDA.US)-backed cloud computing company Lambda is launching its final pre-IPO funding round, aiming to raise up to $4 billion. According to foreign media reports on Tuesday citing people familiar with the matter, this round values Lambda at $14.5 billion (excluding the funds raised in this round). The Pre-IPO round is led by Blackstone Inc. (BX.US) and Coatue Management. According to a letter to limited partners seen by foreign media, Lambda aims to go public in 2027, but the specific timing depends on preparation progress and market conditions. Its order backlog has surged from $15 billion in June to $50 billion in September. Notably, this growth is largely driven by a single large orderAnthropic signed a $35 billion cloud computing agreement with Lambda at the end of August, which means Lambda's current valuation is highly dependent on Anthropic's ability to continue paying. Lambda calls itself a "superintelligence cloud company," focuses on AI cloud infrastructure, was founded in 2012, and is headquartered in California. The company competes with other neocloud providers such as Nebius (NBIS.US), Nscale (NSCL.US), CoreWeave (CRWV.US), and IREN (IREN.US). Lambda's relationship with NVIDIA Corporation goes beyond that of a simple supplierthe latter simultaneously plays the triple role of investor, hardware supplier, and customer. Lambda is also a seven-time winner of NVIDIA Corporation's annual partner award and a launch partner for its next-generation GPU platforms. In November 2025, Lambda signed a multi-billion-dollar, multi-year agreement with Microsoft Corporation to deploy AI infrastructure powered by tens of thousands of NVIDIA Corporation GB300 NVL72 systems, further validating its large-scale delivery capability.