United States · Business news · AI & Tech · 06 Oct 2026
AI: Funding and deals · Cloud and data centres · AI IPOs · Nvidia — more AI news
The Wall Street Journal reported that Lambda, a California company that rents out Nvidia-based computing for AI, is raising as much as $4 billion in a round led by Blackstone and Coatue Management, at a valuation of $14.5 billion before the new money. It is described as the last private round before an initial public offering targeted for 2027. Lambda's backlog of orders grew from $15 billion in June to $50 billion in September. The company declined to comment.
The figures are $4 billion of equity against a $50 billion backlog: a 'neocloud' has to buy the chips and build the capacity before the contracted revenue arrives, so the money raised flows on to Nvidia and to data-centre and power providers. A backlog is committed orders, not revenue, and it more than tripled in three months. The round also sets a price reference for listed peers named in the report - CoreWeave, Nebius and IREN. The terms are as reported by the newspaper, not announced by Lambda.
Reported by Seeking Alpha — “Nvidia-backed neocloud Lambda is raising $4B in final round before IPO - WSJ” ↗ on 06 Oct 2026.
Official series on 06 Oct 2026 or the last day before it, and the latest observation.
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