Lambda lines up a pre-IPO round of up to $4B led by Blackstone and Coatue at $14.5B pre-money
The Wall Street Journal reported the round from a letter to limited partners that sets 2027 as the IPO target, subject to execution and market conditions. Blackstone and Coatue Management are leading. Lambda's backlog stood at $50B in September, up from $15B in June, helped by a $35B cloud agreement with Anthropic, and the company raised about $1B of debt at the start of October on top of a $275M JPMorgan facility last year. The deal comes a week after GMI Cloud's $668M raise and alongside Firmus Grid's planned A$5.5B listing, as neoclouds race to lock in capital before public markets reprice GPU rental. Lambda's new CEO Michel Combes and CFO Charles Fisher were brought in for the IPO run. For AI builders the signal is that Nvidia-only clouds can still raise at multiples of revenue backlog, which means more reserved capacity coming online in 2027 but little relief on price before then.
