The cloud-based GPU provider, backed by Nvidia, is reportedly valued at 14.5 billion ahead of the deal. Its order book has more than tripled in three months, driven by Anthropic.
Lambda, one of these "neoclouds" that lease GPU computing power to AI labs, is preparing to raise up to $4 billion based on a valuation of $14.5 billion before new money. Coatue Management and Blackstone would lead the round, presented as the last before an IPO. This was initially planned for 2026, but has been postponed to 2027 due to market uncertainties.
An order book inflated by Anthropic
The company's order book rose from $15 billion in June to $50 billion in September. A large part of this jump comes from the $35 billion commitment signed by Anthropic at the end of August. Lambda also recently obtained $1 billion in debt for the purchase of chips.
The company joins CoreWeave and Nebius among Nvidia-backed neoclouds that are turning to the public markets. Investors are betting on the persistent scarcity of reliable GPU capacity, even if the expansion of these players' data centers remains largely financed by debt.
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