AI cloud provider Lambda is reportedly seeking to raise up to $4 billion in a private funding round, with a pre-money valuation of $14.5 billion. This funding is anticipated to be its final private round before a planned initial public offering (IPO) in 2027.
The round is being led by Coatue Management and Blackstone, according to The Wall Street Journal. Lambda's investor letter, reviewed by the Journal, indicates its backlog increased from $15 billion in June to $50 billion in September. A significant portion of this growth, $35 billion, is linked to a deal signed with Anthropic in late August.
Last week, Lambda also raised an additional $1 billion in debt. The company's decision to raise more capital now may influence its IPO pricing and provide access to funds before facing public market scrutiny. Lambda, Coatue, and Blackstone have not yet responded to requests for comment.