Lambda

A GPU cloud that rents NVIDIA GPU compute, on demand and as reserved clusters, for training and running AI models. It also builds and operates AI data center capacity for enterprises, AI labs and hyperscalers.

VP50 · #47Semiconductors & computeArtificial IntelligenceSan Jose, United States

FoundersSince 2012

Valuation: $5.9B
Total raised: $2.5B
Last round · Oct 2026: Senior secured fixed-rate delayed draw term loan
Founded: 2012
Employees: 750
Quarters in VP50: 10

Valuation

Lambda priced rounds
Round	Date	Post-money valuation	Raised	Led by
Series C	Feb 15, 2024	$1.5B	$320M	US Innovative Technology Fund (USIT)
Series D	Feb 19, 2025	$2.5B	$480M	Andra Capital and SGW

Post-money valuation at each priced round. Log scale.Hover a point for the round

Updated Oct 15, 2026

In VP50

Q4 2023: no place
Q1 2024: no place
Q2 2024: no place
Q3 2024: #28
Q4 2024: #28
Q1 2025: #33
Q2 2025: #33
Q3 2025: #25
Q4 2025: #22
Q1 2026: #26
Q2 2026: #29
Q3 2026: #31
Q4 2026: #47

Place by quarter since Q4 2023. Best place #22.

Funding rounds

DateRound · leadRaisedValuation

Oct 1, 2026Senior secured fixed-rate delayed draw term loan · J.P. Morgan$1.0B—

Aug 27, 2026Senior secured term loan B · Morgan Stanley$926M—

May 7, 2026Senior secured credit facility (upsized) · J.P. Morgan$1.0B—

Nov 18, 2025Series E · TWG Global$1.5B—

Aug 19, 2025Senior secured credit facility · J.P. Morgan$275M—

Feb 19, 2025Series D · Andra Capital, SGW$480M$2.5B

Apr 4, 2024GPU-backed financing facility · Macquarie Group$500M—

Feb 15, 2024Series C · US Innovative Technology Fund (USIT)$320M$1.5B

Mar 21, 2023Series B · Mercato Partners$44M—

Nov 1, 2022Series B$44M—

Feb 3, 2022Debt financing——

Jul 21, 2021Credit facility · Silicon Valley Bank$10M—

Jul 21, 2021Series A$15M—

Signals

Oct 7, 2026ARK Venture Fund values Lambda Series D and E-2 preferred at $38.00 a shareValuation mark
Oct 6, 2026Lambda plans a 2027 IPO as it raises up to $4B at a $14.5B pre-money valuationIPO talk
Oct 6, 2026Lambda reported to be raising up to $4B at $14.5B valuation, led by Blackstone and CoatueFunding round
Oct 6, 2026Lambda's backlog rose from $15 billion in June to $50 billion in September, WSJ saysMilestone
Oct 1, 2026Lambda closes $1.008B fixed-rate GPU term loan at 6.78%, marketed to insurersFunding round
Sep 27, 2026Lambda announced plans for a data center at MidAmerica Industrial Park in OklahomaMilestone

Team

Stephen Balaban
Co-founder, CEO
Michael Balaban
Co-founder, CTO
Robert Brooks IV
Chief commercial officer
David Connolly
Chief legal officer
Charles Fisher
CFO
Larry Getman
EVP of operations
Jerry Hunter
Vice chairman of compute delivery
Ariel Nissan
General counsel
Ken Patchett
VP of infrastructure
Collin Roe-Raymond
Chief design officer
Leonard Speiser
COO
Matthew Worby
Chief people officer
Paul Zhao
Head of product

#10Semiconductors & compute

Lambda

Valuation

In VP50iAI OverviewLambda entered at 28 in Q3 2024 and has been in every edition since, 10 in all. Its best place was 22 in Q4 2025; it then moved to 26, 29, 31 and 47 in Q4 2026.

Funding rounds

Signals

Team

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