Lambda raises $4B before planned 2027 IPO

Cloud provider Lambda is raising up to $4 billion at a $14.5 billion pre-money valuation in what may be its final private round before a planned 2027 IPO. Coatue Management and Blackstone are leading the round. Lambda's backlog grew from $15 billion in June to $50 billion in September, though much of that jump stems from a $35 billion commitment by Anthropic signed in late August. Lambda also raised $1 billion in debt last week. The raise sets IPO pricing expectations and secures capital before the company faces public market scrutiny.