Lambda
US GPU cloud ('Superintelligence Cloud') that evolved from selling deep-learning workstations; offers on-demand, 1-Click Clusters and single-tenant NVL72 superclusters; pre-IPO.
lambda.ai · Record collected 25 Sept 2026
Profile from NeoCloud Observatory research (snapshot 2026-09-25); every figure links to its original source.
Business model and differentiation text: NeoCloud Observatory research (analysis, not HYBSIS assessment).
Profile
- Headquarters
- San Jose, California, United States
- Founded
- 2012
- Ownership
- private
- Operating regions
- North America
- Deployment model
- gpu hour rental, dedicated clusters, hyperscaler capacity supply
- GPU vendors
- NVIDIA
- GPU generations
- NVIDIA Hopper, NVIDIA Blackwell, NVIDIA Blackwell Ultra
- Networking
- NVIDIA Quantum-2 InfiniBand 400 Gb/s, rail-optimized, non-blocking, 3,200 Gb/s per node GPUDirect RDMA
- Storage
- Not yet recorded
- Cooling
- Direct-to-chip liquid + precision air
- Energy strategy
- third party — Utility/landlord power.
- Platform / control plane
- Lambda Cloud API / on-demand instances
- Business model
- GPU cloud from on-demand instances to 1-Click Clusters and single-tenant NVL72 superclusters.
- Differentiation
- Developer-friendly self-serve with low list prices (H100 ~$2.49/hr on-demand per aggregator) and fast cluster provisioning.
Sources: Contrary Research — Report: Lambda Business Breakdown & Founding Story, Sacra — Lambda Labs revenue, valuation & funding
Capacity register
Each sourced figure with its maturity and MW type. Figures of different types are not added together.
No sourced capacity figures recorded.
Projects
| Project | Location | Status | Capacity |
|---|---|---|---|
| Lambda Kansas City AI factory Launch expected early 2026 (plan); single-customer supercomputer. Participants: —. Source: NeoCloud Observatory research. Source: Missouri Department of Economic Development — Lambda to establish AI factory facility in Kansas City | Kansas City, Missouri, United States | planned | 24 MW (unspecified, announced) |
| Lambda at Prime Data Centers LAX01 (Vernon, CA) Participants: Prime Data Centers (landlord). Source: NeoCloud Observatory research. Source: DatacenterDynamics — Lambda to deploy GPU cluster at Prime's LAX01 data center | Vernon, California, United States | planned | 21 MW (unspecified, contracted) |
Disclosed customer contracts
| Customer | Value | Basis | Term | Date | Status & source |
|---|---|---|---|---|---|
| NVIDIAvendor | $1.5B | Total contract value | 4 yr | 15 Sept 2025 | signed Reported NVIDIA lease-back of ~18k GPUs over four years (media reports; aggregator). Source: Sacra — Lambda Labs revenue, valuation & funding |
| Microsofthyperscaler | — | Undisclosed | — | 3 Nov 2025 | signed 'Multibillion-dollar', 'tens of thousands of NVIDIA GPUs'; value undisclosed. Source: Business Wire (Lambda) — Lambda Announces Multibillion Dollar Agreement With Microsoft |
Financing & M&A
| Date | Type | Amount | Detail |
|---|---|---|---|
| 28 Aug 2026 | equity | $3.0B | Lambda — Pre-IPO round (reported talks) (reported discussion) Bloomberg-reported; 'up to $3B at $12B or more'. Source: Sacra — Lambda Labs revenue, valuation & funding |
| 15 Jan 2026 | debt | $350.0M | Lambda — Pre-IPO convertible notes (reported) (reported discussion) Investors: Mubadala Capital Source: DatacenterDynamics — Lambda in talks to raise $350m in pre-IPO funding - report |
| 18 Nov 2025 | equity | $1.5B | Lambda — Series E Investors: TWG Global, US Innovative Technology Fund Source: Business Wire (Lambda) — Lambda Raises Over $1.5B From TWG Global, USIT |
| 19 Feb 2025 | equity | $480.0M | Lambda — Series D Valuation is an estimate reported by media. Source: TechCrunch — Lambda raises $1.5B after multibillion-dollar Microsoft deal |
Neocloud Observatory
Evidence-scored analysis
Category A · Pure-play Neocloud · data quality 65.6/100 · snapshot 25 Sept 2026
Capacity by maturity (MW)
Each stage is reported separately and never added together. Announced GPUs never count as operational.
- Operational Unknown
- Under construction Unknown
- Contracted 21 MW
- Secured Unknown
- Announced 24 MW
- Stated pipeline 100 MW
- Company target Unknown
- GPUs operational
- Unknown
- GPUs contracted
- Unknown
- GPUs announced
- 10,000
GPU platforms: GB300 · NVIDIA GB200 / GB300 NVL72 (single-tenant) · NVIDIA HGX H100 / B200
Financial position
- Annualised revenueDERIVED: FY2025 annualised
- $700M
- Revenue growth (YoY)
- 65%
- Backlog
- Unknown
- Disclosed contract value
- $1.5B
- Valuationpost money funding valuation
- $5.9B
- Equity raised (captured)
- $2B
- Debt raised (captured)
- Unknown
- Total debt (reported)
- Unknown
- Hyperscaler credit supportnot cash raised
- Unknown
Scorecard
score-v1.0 · 0–100 · scores with under 34% evidence coverage stay empty
Business Model Quality 66 evidence coverage 75%
- contracted revenue model: 80 (weight 0.4) — long-term contracted model
- model diversity: 66 (weight 0.2) — gpu_hour_rental, dedicated_clusters, hyperscaler_capacity_supply
- margin: unknown (weight 0.25) — no margin data
- software upside: 30 (weight 0.15) — 2 software layers
Capital Access 56 evidence coverage 90%
- total capital raised: 59 (weight 0.3) — $1.98B equity+debt captured
- raised last 12m: 59 (weight 0.25) — $1.50B in 12m
- valuation: 59 (weight 0.2) — post_money_funding_valuation valuation $5.90B
- strategic backers: 40 (weight 0.15) — 3 investors known
- cost of debt: unknown (weight 0.1) — no rate disclosed
Competitive Moat 34 evidence coverage 80%
- physical control: 33 (weight 0.3) — power/land/DC control
- software depth: 32 (weight 0.25) — 2 software layers
- contracted lock in: 39 (weight 0.25) — backlog/contract value $1.50B
- operational reputation: unknown (weight 0.2) — not rated
Concentration Risk (higher = riskier) Insufficient evidence evidence coverage 20%
- top customer share: unknown (weight 0.8) — UNKNOWN
- few customers: 60 (weight 0.2) — 2 disclosed customers
Customer Diversification 40 evidence coverage 40%
- top customer share: unknown (weight 0.6) — concentration UNKNOWN
- distinct customers: 40 (weight 0.4) — 2 disclosed customer relationships
Customer Quality 62 evidence coverage 100%
- hyperscaler or lab: 85 (weight 0.5) — hyperscaler or AI-lab customer
- contracted value: 39 (weight 0.5) — disclosed contract value $1.50B
Execution Risk (higher = riskier) 66 evidence coverage 100%
- build to operating ratio: 100 (weight 0.45) — 21 MW to build vs 0 MW operating
- soft pipeline share: 86 (weight 0.25) — 124 MW secured/announced/speculative
- organisational youth: 0 (weight 0.3) — founded 2012
Financial Durability 48 evidence coverage 60%
- revenue scale: 56 (weight 0.3) — annualised revenue $700M (DERIVED: FY2025 annualised)
- net margin: unknown (weight 0.2) — no margin data
- cash: unknown (weight 0.2) — cash UNKNOWN
- backlog coverage: 41 (weight 0.2) — backlog/revenue 2.1x
- public disclosure: 40 (weight 0.1) — private
Financial Risk (higher = riskier) 42 evidence coverage 40%
- losses: unknown (weight 0.3) — no margin data
- debt to revenue: unknown (weight 0.3) — no debt/revenue data
- reliance on new capital: 41 (weight 0.25) — 12m capital raised / revenue 2.1x
- revenue scale inverse: 44 (weight 0.15) — revenue $700M
Geographic Position 29 evidence coverage 100%
- countries: 18 (weight 0.6) — United States
- sovereign positioning: 45 (weight 0.4) — no sovereign positioning
GPU Supply Position 70 evidence coverage 60%
- gpu fleet and contracted: unknown (weight 0.4) — 0 GPUs operational+contracted
- vendor relationship: 50 (weight 0.3) — no strategic vendor tie evidenced
- latest generation: 90 (weight 0.3) — GB300, NVIDIA GB200 / GB300 NVL72 (single-tenant), NVIDIA HGX H100 / B200
Growth Momentum 32 evidence coverage 100%
- revenue growth yoy: 59 (weight 0.4) — YoY growth 65%
- capacity momentum: 1 (weight 0.25) — 21 MW contracted/under construction
- recent major events: 0 (weight 0.2) — 0 major confirmed events in 180d
- capital raised 12m: 53 (weight 0.15) — raised $1.50B in 12m
Infrastructure Execution 13 evidence coverage 60%
- delivered projects: 0 (weight 0.4) — 0/2 tracked projects (partially) operational
- operational share of hard mw: unknown (weight 0.4) — 0 of 21 hard MW operational
- building now: 40 (weight 0.2) — 0 under construction
Management Execution 20 evidence coverage 50%
- delivered capacity: unknown (weight 0.5) — 0 MW delivered to date
- milestones 180d: 0 (weight 0.3) — 0 confirmed major milestones (180d)
- disclosure discipline: 50 (weight 0.2) — private
Operational Capacity Insufficient evidence evidence coverage 0%
- operational mw: unknown (weight 0.65) — operational MW UNKNOWN
- operational gpus: unknown (weight 0.35) — operational GPUs UNKNOWN
Power Pipeline Quality 19 evidence coverage 100%
- weighted pipeline mw: 16 (weight 0.5) — ladder-weighted 27 MW
- hard share: 15 (weight 0.3) — 14% of stated MW is operational/under construction/contracted
- physical power control: 33 (weight 0.2) — physical-layer control 32/100
Software Platform Maturity 55 evidence coverage 75%
- software layers: 32 (weight 0.5) — cloud_api, training
- software control: 100 (weight 0.25) — software-layer control 100/100
- independent rating: unknown (weight 0.25) — not rated
Strategic Partnerships 60 evidence coverage 80%
- vendor equity: 30 (weight 0.4) — no vendor equity evidenced
- hyperscaler ties: 90 (weight 0.4) — hyperscaler customer or credit backstop
- exemplar or rating: unknown (weight 0.2) — n/a
Technical Differentiation 25 evidence coverage 70%
- differentiators: 25 (weight 0.7) — liquid/immersion cooling
- independent rating: unknown (weight 0.3) — not rated
Technical Strength 83 evidence coverage 40%
- independent rating: unknown (weight 0.45) — not rated
- exemplar cloud: unknown (weight 0.15) — n/a
- fabric evidence: 80 (weight 0.15) — InfiniBand fabric evidenced
- stack documentation: 84 (weight 0.25) — 7 technology layers evidenced
Vertical Integration 70 evidence coverage 100%
- stack control: 70 (weight 1) — 9 of 12 layers evidenced; 3 UNKNOWN
Career Opportunity 49 evidence coverage 93%
- growth momentum: 32 (weight 0.2) — Growth Momentum
- capital access: 56 (weight 0.15) — Capital Access
- technical strength: 83 (weight 0.12) — Technical Strength
- software platform maturity: 55 (weight 0.12) — Software Platform Maturity
- power pipeline quality: 19 (weight 0.1) — Power Pipeline Quality
- geographic position: 29 (weight 0.06) — Geographic Position
- strategic partnerships: 60 (weight 0.08) — Strategic Partnerships
- hiring: unknown (weight 0.07) — open roles (public boards)
- inv financial risk: 58 (weight 0.1) — 100 - financial risk
Data Quality 66 evidence coverage 82%
- dq coverage: unknown (weight 0) — 0.824
- dq avg confidence: unknown (weight 0) — 0.546
- dq primary source pct: unknown (weight 0) — 0.2
- dq freshness days: unknown (weight 0) — 0
- dq conflicts: unknown (weight 0) — 0
- dq missing count: unknown (weight 0) — 3
Worth Investigating? (not investment advice) 42 evidence coverage 92%
- growth momentum: 32 (weight 0.18) — Growth Momentum
- technical differentiation: 25 (weight 0.12) — Technical Differentiation
- customer quality: 62 (weight 0.12) — Customer Quality
- power pipeline quality: 19 (weight 0.12) — Power Pipeline Quality
- capital access: 56 (weight 0.12) — Capital Access
- strategic partnerships: 60 (weight 0.1) — Strategic Partnerships
- technical strength: 83 (weight 0.08) — Technical Strength
- infrastructure execution: 13 (weight 0.08) — Infrastructure Execution
- operational capacity: unknown (weight 0.08) — Operational Capacity
- novelty bonus: 0 (weight 0.3) — company ≤3 years old
Overall Scale Potential 46 evidence coverage 85%
- power pipeline quality: 19 (weight 0.3)
- capital access: 56 (weight 0.25)
- customer quality: 62 (weight 0.2)
- operational capacity: unknown (weight 0.15)
- vertical integration: 70 (weight 0.1)
Overall Survival Probability (5y, %) 75 evidence coverage 63%
- model: unknown (weight 1) — logistic(durability, capital access, customer quality, risks)
Forecasts (rule-based, P10–P90)
| Horizon | Operational MW | Annualised revenue |
|---|---|---|
| 12 months | 10 MW (4 MW–17 MW) | $1.2B ($903.8M–$1.3B) |
| 24 months | 21 MW (12 MW–33 MW) | $1.6B ($1.1B–$2B) |
| 36 months | 29 MW (16 MW–43 MW) | $2.1B ($1.2B–$2.8B) |
| 60 months | 36 MW (20 MW–54 MW) | $3.1B ($1.5B–$4.8B) |
Stored in an immutable prediction ledger and scored against reported outcomes when they fall due. Predictions, not facts.
Outcome probabilities
| Outcome | 12 mo | 24 mo | 36 mo | 60 mo |
|---|---|---|---|---|
| Remain independent | 89% | 79% | 69% | 50% |
| Acquired | 6% | 12% | 17% | 27% |
| Merge | 1% | 2% | 3% | 5% |
| Fail | 4% | 8% | 11% | 18% |
| IPO | 14% | 26% | 36% | 53% |
| Acquire another company | 4% | 8% | 12% | 18% |
| Financial distress | 3% | 6% | 9% | 15% |
| Major cloud scale (≥2 GW operational or ≥$10B revenue) | 0% | 0% | 0% | 0% |
| Remain niche | 96% | 92% | 88% | 82% |
| Strategic pivot | 5% | 10% | 15% | 25% |
| Exit AI infrastructure | 1% | 2% | 3% | 5% |
Ownership outcomes (independent, acquired, merge, fail) sum to 100% at each horizon; the others are independent events.
Vertical-integration stack
- energy THIRD PARTY Utility/landlord power. (inferred)
- land LEASED Mostly colocation (Prime LAX01 etc.). (inferred)
- data center LEASED Shifting toward controlled AI factories (Kansas City). (inferred)
- power cooling PARTNERED Liquid-cooled designs with partners. (inferred)
- gpu hardware OWNED Owns fleet (and leases some back to NVIDIA). (inferred)
- network OWNED InfiniBand clusters. (inferred)
- storage UNKNOWN Not captured. (inferred)
- bare metal OWNED Bare-metal clusters. (inferred)
- orchestration OWNED 1-Click Clusters. (inferred)
- cloud api OWNED Lambda Cloud. (inferred)
- ai platform UNKNOWN Not captured. (inferred)
- managed ai UNKNOWN Not captured. (inferred)
Not yet sourced: power mw.operational, cash, employees.
Timeline
-
28 Aug 2026 · equity
Lambda — Pre-IPO round (reported talks) (reported discussion) Bloomberg-reported; 'up to $3B at $12B or more'.
Source: Sacra — Lambda Labs revenue, valuation & funding -
15 Jan 2026 · debt
Lambda — Pre-IPO convertible notes (reported) (reported discussion)
Source: DatacenterDynamics — Lambda in talks to raise $350m in pre-IPO funding - report -
18 Nov 2025 · equity
Lambda — Series E
Source: Business Wire (Lambda) — Lambda Raises Over $1.5B From TWG Global, USIT -
3 Nov 2025 · fact
Lambda signs multibillion-dollar Microsoft agreement (GB300 NVL72)
Source: Business Wire (Lambda) — Lambda Announces Multibillion Dollar Agreement With Microsoft -
19 Feb 2025 · equity
Lambda — Series D Valuation is an estimate reported by media.
Source: TechCrunch — Lambda raises $1.5B after multibillion-dollar Microsoft deal
Recent coverage
Updated 1 Nov 2026, 11:54 UTC
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