Lambda, the AI computing 'neocloud,' is raising up to $4 billion at a $14.5 billion pre-money valuation, likely its last private round before a planned 2027 IPO, the Wall Street Journal reports.
Coatue Management and Blackstone are leading the raise, according to the report. Lambda's order backlog surged from $15 billion in June to $50 billion in September — though about $35 billion of that is a single August commitment from Anthropic, making the raise heavily levered on one lab's bills.
The money will fund debt-financed data-centre buildouts amid scarce GPU capacity. Lambda also raised $1 billion in new debt last week.
The round is the latest mega-financing in the AI infrastructure boom, as neoclouds race to lock in compute supply for the labs training the next generation of frontier models.
