Lambda reportedly seeks up to $4B in a final private round at a $14.5B pre-money valuation before a planned 2027 IPO

What changed

Nvidia-backed AI cloud company Lambda is reportedly seeking up to $4 billion in what could be its final private round before a planned 2027 IPO, at roughly a $14.5 billion pre-money valuation led by Coatue and Blackstone, according to reporting cited by Reuters and TechCrunch on October 6. An investor letter reportedly shows backlog rising from about $15 billion in June to $50 billion in September, much of it linked to Anthropic's roughly $35 billion commitment. Lambda, Coatue and Blackstone had not immediately commented to TechCrunch, so this remains a reported fundraising process rather than a closed transaction.