AI computing startup Lambda to raise $4B ahead of planned IPO

Cloud provider Lambda is raising up to $4 billion at a $14.5 billion pre-money valuation, marking what could be its last private round before a planned 2027 IPO, according to The Wall Street Journal. Coatue Management and Blackstone are leading the round. A letter to investors reviewed by the Journal shows Lambda’s backlog grew from $15 billion in June to $50 billion in September.

While that might look like a hearty increase in demand, much of that increase appears to be driven by a $35 billion commitment from one company: Anthropic, which signed a deal with Lambda in late August. That means Lambda’s valuation, which has climbed significantly since its 2025 funding round, could be leaning heavily on Anthropic’s…