Lambda seeks up to $4 billion as it prepares for a later IPO

The raise would give Lambda more room to keep growing before a planned 2027 public listing after its IPO timetable slipped.

Lambda is seeking as much as $4 billion in fresh funding at a $14.5 billion pre-money valuation, a round that could be its last private raise before a planned 2027 IPO. The size of the raise matters because Lambda’s backlog reportedly jumped from $15 billion in June to $50 billion in September, but much of that growth is tied to a $35 billion Anthropic contract signed in late August. The round is being led by Coatue Management and Blackstone, while Lambda also raised another $1 billion in debt last week to keep expanding its data center buildout. The company had previously been expected to go public sooner, but those plans were pushed back amid market uncertainty.