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Lambda Revenue, Valuation, Funding & Investors
Lambda is valued at $6B as of November 2025, a 11.5x revenue multiple. Lambda revenue was $520M, as disclosed with its latest round.
Last Lambda valuation
$6B
Series E · Nov 2025
Last Lambda funding round
$1.5B
Series E · Nov 2025
Lambda revenue
$520M
Series E · Nov 2025
Key investors in Lambda
Gradient
Bloomberg Beta
1517 Fund
Mercato Partners
Invariantes Fund
US Innovative Technology Fund
About Lambda
Lambda is an AI cloud computing company headquartered in San Jose, California, that provides GPU infrastructure for training and running machine learning models. It was founded in 2012 by Stephen Balaban and Michael Balaban and began by selling deep learning workstations and servers. Its products now include on-demand GPU cloud instances, reserved multi-node clusters, supercomputers built on Nvidia accelerators, colocation, and the Lambda Stack software distribution for AI frameworks. It builds and leases data centre capacity to AI developers, enterprises, research institutions and government agencies. Revenue comes mainly from usage-based and contract-based cloud compute, together with hardware sales. The company is financed by venture equity and asset-backed debt secured on the GPUs it deploys.
Founded
2012
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based, Subscription
Revenue
$520M (Nov 2025)
Valuation
$6B (Nov 2025)
Lambda Valuation
Lambda is currently valued at $6B, based on its Series E in November 2025. Read the announcement ↗
The $1.5B round was led by TWG Global, with participation from US Innovative Technology Fund.
Lambda's valuation has grown 36x from $168M at its undisclosed-stage round in November 2022 to $6B in November 2025, across 4 priced rounds.
Lambda valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2025 | Series E | $6B | 11.5x |
| Feb 2025 | Series D | $2.5B | 6.3x |
| Feb 2024 | Series C | $1.5B | 6.0x |
| Nov 2022 | Undisclosed stage | $168M | - |
Lambda Revenue
Lambda's latest recorded revenue is $520M, as of its Series E in November 2025. At a $6B valuation, that implies a 11.5x revenue multiple.
Revenue grew from $250M in February 2024 to $520M in November 2025, while the revenue multiple moved from 6.0x to 11.5x.
Lambda revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2025 | $520M | $6B | 11.5x | Series E |
| Feb 2025 | $400M | $2.5B | 6.3x | Series D |
| Feb 2024 | $250M | $1.5B | 6.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Lambda Funding History
Lambda has raised a total of $2.4B across 7 funding rounds.
Lambda's first fundraising round was a $4M seed round in April 2019. The most recent completed round was a $1.5B Series E in November 2025.
Lambda funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2025 | Series E | TWG Global (lead); US Innovative Technology Fund | $1.5B | $6B | Lambda is an AI data center operator providing cloud compute services and software platforms for training, fine-tuning, and deploying AI models. The company operates gigawatt-scale AI factories and competes with CoreWeave in providing compute infrastructure to hyperscalers and enterprises. In November 2025, Lambda raised over $1.5 billion in Series E funding led by TWG Global (the investment firm of Thomas Tull and Mark Walter) and US Innovative Technology Fund, with participation from existing investors. The capital is designated for acquiring NVIDIA GPUs and expanding Lambda's network of AI-optimized data centers. This funding round exceeded earlier market speculation that Lambda would seek $400M-$500M at a valuation above $4 billion, following its Series D in February 2025 which valued the company at approximately $2.5 billion. Lambda announced a multi-billion dollar infrastructure supply deal with Microsoft earlier in November 2025, reflecting strong enterprise demand for AI compute capacity. |
| Feb 2025 | Series D | Andra Capital (lead); SGW (lead); NVIDIA; KHK & Partners; G Squared; Alumni Ventures; ARK Investment Management; Andrej Karpathy; Fincadia Advisors; IQT | $480M | $2.5B | Lambda Labs is an AI infrastructure startup offering a cloud platform optimized for training, fine-tuning, and running inference on AI models, alongside AI-optimized desktops like the Vector series. It operates data centers with over 25,000 Nvidia GPUs, including the new Blackwell B200, and provides services like Lambda Chat for open-source LLMs. In February 2025, Lambda closed a $480 million Series D funding round co-led by Andra Capital and SGW, with participation from Alumni Ventures, Nvidia, Super Micro Computer, Andrej Karpathy, ARK Invest, In-Q-Tel, and others including Pegatron, Wistron, and Wiwynn. The Series D valued Lambda at a post-money valuation of $2.5 billion, with proceeds aimed at enhancing cloud infrastructure, software development, expanding market reach, and scaling GPU cloud capabilities. CEO Stephen Balaban highlighted Lambda's investment of billions in AI software and infrastructure. In February 2025, the company reported generating over $400 million in top-line revenue while maintaining profitability, with positive operating cash flow and positive EBITDA, defying norms for infrastructure scaling. Lambda's traction includes thousands of customers, gigawatt-scale data centers, and a business model combining $863 million in prior equity funding with debt facilities like $500 million from Macquarie for GPU purchases. Post-Series D, it pursued further growth, including a $275 million debt round in August 2025 and a $1.5 billion Series E in November 2025 at a $5.4 billion post-money valuation led by TWG Global. The company was in talks for additional rounds potentially valuing it at $4-5 billion ahead of a possible 2025 IPO, positioning it against larger cloud hyperscalers in the AI compute race. |
| Feb 2024 | Series C | US Innovative Technology Fund (lead); Mercato Partners; SK Telecom; Bloomberg Beta; T. Rowe Price; Millennia Capital; Crescent Cove Advisors; Gradient; B Capital; 1517 Fund; Ironwood Ventures | $320M | $1.5B | Lambda is an AI cloud compute startup providing on-demand public cloud services for training and deploying AI models, offering access to large clusters of Nvidia GPUs including the H100 chip, along with colocation space and GPU desktops. The company serves over 5,000 customers across industries like manufacturing, healthcare, pharmaceuticals, financial services, and U.S. government, with notable clients including Microsoft, Amazon, Anyscale, Rakuten, and The AI Institute. On February 15, 2024, Lambda raised $320 million in a Series C funding round led by US Innovative Technology Fund, with participation from new investors B Capital, SK Telecom, T. Rowe Price Associates, and existing investors such as Crescent Cove Advisors, Mercato Partners, 1517 Fund, Bloomberg Beta, and Gradient Ventures. The proceeds are earmarked for scaling Nvidia GPU offerings, expanding the GPU cloud infrastructure, and building network apparatus with Nvidia Quantum-2 Infiniband to meet surging demand from AI developers and enterprises. CEO Stephen Balaban emphasized the need for abundant GPU compute to support the integration of large language models and generative AI across science, commerce, and industry. This funding follows a $44 million Series B in March 2023 led by Mercato Partners and brings Lambda's total raised to over $112 million across seven rounds. The company positions itself in the booming AI infrastructure market, competing with players like CoreWeave, which raised at a $2 billion valuation in 2023, amid high demand for Nvidia GPUs driving investor interest in AI compute providers. |
| Mar 2023 | Series B | Mercato Partners (lead); Lukas Biewald; Adam D’Angelo; Jeff Hammerbacher; Georges Harik; Bloomberg Beta; Garry Tan; Greg Brockman; Crescent Cove Advisors; Gradient; 1517 Fund; Invariantes Fund | $44M | - | Lambda is a GPU cloud compute provider founded in 2012, offering on-demand public cloud services for training and deploying AI models, alongside on-premises solutions, colocation, and GPU workstations. It targets AI engineers and researchers with cost-effective NVIDIA GPU access, claiming lower prices than hyperscalers like AWS ($1.10/hour for A100 vs. $4.10 on AWS). The company operates data centers in San Francisco and Allen, Texas, serving over 5,000 customers including Anyscale, Rakuten, and government entities. In March 2023, Lambda raised a $44 million Series B round led by Mercato Partners, with participation from Adam D’Angelo, Jeff Hammerbacher, Greg Brockman, Lukas Biewald, Garry Tan, and existing investors like 1517 Fund, Gradient Ventures, Bloomberg Beta, Georges Harik, and Crescent Cove Advisors. Mercato Managing Director Ryan Sanders joined the board. Funds were allocated to deploy H100 GPU capacity with high-speed interconnects, develop AI training features, expand GPU cloud, and hire talent in deep learning and data center computing. This Series B followed a $39.7 million venture round in November 2022 and a $15 million Series A plus $9.5 million debt in 2021, building on early seed funding from 2015-2018. Lambda has raised over $1.4 billion total across equity and debt by 2025, primarily for GPU purchases and infrastructure. Subsequent rounds included a $320 million Series C in February 2024 at $1.5 billion valuation led by US Innovative Technology, generating $425 million revenue in 2024 (3.5x multiple), $500 million debt from Macquarie in April 2024, $275 million credit from JPMorgan in August 2025, and $480 million Series D in February 2025 at $2.5 billion post-money with NVIDIA and others. |
| Nov 2022 | Undisclosed stage | - | $40M | $168M | Lambda is an AI infrastructure company providing on-demand GPU cloud computing for AI training and inference, operating data centers across the US with ambitions to deploy over one million Nvidia GPUs and significant liquid-cooled capacity. Founded in 2012 and headquartered in San Jose, CA, it competes with firms like CoreWeave in building 'AI factories' for hyperscalers and AI labs. The company has raised substantial funding, totaling over $2.4B across multiple rounds by late 2025, focusing on scaling data centers amid GPU scarcity and energy demands. Around November 2022, Lambda completed a Later Stage VC (Series B) round of $44.0M at a post-money valuation of $168.0M, as detailed in funding histories. This followed an April 2021 Series A of $24.5M at $70M valuation and preceded larger raises like a $320M Series C in October 2024 at $1.4B valuation. These early rounds supported initial growth in Nvidia-integrated GPU cloud services and open-source tools. Subsequent traction included debt financing in February 2022 and capital raises for infrastructure in 2024-2025, such as $500M in March 2024 and $480M Series D in February 2025 at $2.1B valuation. By November 2025, Lambda secured a massive $1.5B Series E led by TWG Global at implied $4B+ to $5.4B valuations, fueled by deals like a multi-billion dollar Microsoft contract for tens of thousands of Nvidia GPUs. Investors include Nvidia and funds from Thomas Tull and Mark Walter. Lambda's growth aligns with the AI infrastructure boom, capturing significant venture capital as demand for compute outpaces supply. It positions for potential IPO in 2026, leveraging hyperscaler partnerships and expansion plans, though facing challenges like power costs and regulatory hurdles. |
| Jul 2021 | Series A | Georges Harik; Bloomberg Beta; Razer; Fernando Pontaza; Gradient; 1517 Fund; Invariantes Fund | $15M | - | Lambda raised a USD 15 million Series A equity round in July 2021, alongside a USD 9.5 million debt facility from Silicon Valley Bank, for a USD 24.5 million financing package. Existing investors 1517 Fund, Gradient Ventures and Bloomberg Beta took part, together with Georges Harik and the gaming hardware maker Razer, which joined as a strategic investor. Lambda said the capital would be used to expand its engineering and cloud teams and to grow its Lambda GPU Cloud and its on-premises deep learning infrastructure products, with the debt facility funding equipment purchases and working capital for its hardware business. Lambda provides GPU cloud services and deep learning workstations and servers, together with software such as Lambda Stack, to machine learning researchers and companies. The company was founded in 2012 and is based in the San Francisco Bay Area. |
| Apr 2019 | Seed | Gradient (lead); Bloomberg Beta; 1517 Fund | $4M | - | Gradient Ventures led a seed round of about USD 4 million in Lambda in April 2019, with participation from 1517 Fund and Bloomberg Beta. Lambda sold GPU workstations, servers and a cloud service for deep learning, aimed at researchers and engineers training neural networks. The seed funding supported early product development and the launch of its GPU cloud alongside its hardware business. Lambda was founded in 2012 by brothers Stephen and Michael Balaban and is headquartered in San Francisco Bay Area. Its customers included university research labs, technology companies and government agencies, who bought its hardware and software stack for machine learning. The company later grew into one of the larger independent GPU cloud providers, raising a USD 15 million Series A in 2021 and a USD 44 million Series B in 2023. |
Who has invested in Lambda?
31 investors have backed Lambda across its funding rounds, including Gradient, Bloomberg Beta, 1517 Fund, Mercato Partners, Invariantes Fund and US Innovative Technology Fund.
Lead investors include TWG Global, Andra Capital, SGW, US Innovative Technology Fund, Mercato Partners and 1 other investor.
Lambda Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | Apr 2019 | ||
| 4 | Lead | Apr 2019 | ||
| 4 | Participant | Apr 2019 | ||
| 2 | Lead | Mar 2023 | ||
| 2 | Participant | Jul 2021 | ||
| 2 | Lead | Feb 2024 | ||
| 2 | Participant | Mar 2023 | ||
| 2 | Participant | Jul 2021 | ||
| 1 | Participant | Mar 2023 | ||
| 1 | Participant | Feb 2025 | ||
| 1 | Participant | Feb 2025 | ||
| 1 | Participant | Mar 2023 | ||
| 1 | Participant | Mar 2023 | ||
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Start Free TrialLambda Competitors
Lambda competitors include listed companies like Wangsu, Applied Digital, GDS Holdings and Oracle Corp Japan, and private ones like Yotta Infrastructure and Vultr.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $700M | $139M | $5.4B | 5.7x | ||
| Publicly listed | $611M | ($85M) | $5.4B | 14.7x | ||
| Publicly listed | $1.7B | $889M | $4.5B | 5.3x | ||
| Publicly listed | $1.8B | $581M | $8.1B | 4.2x | ||
| Private | - | - | $4.4B | - | ||
| Private | $150M | - | $3.5B | 23.3x |
Lambda Public Comps
Lambda is still privately-owned, but its public comps include Box, Wangsu, Applied Digital, IONOS Group, Insight Enterprises, Computacenter, Lumen, United Internet, INWIT and GDS Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | $124M | 5.6x | 5.2x | 52.7x | 16.7x | |||
| $700M | $139M | 6.3x | 5.7x | 31.7x | 27.2x | |||
| $611M | ($85M) | 18.2x | 14.7x | (131.4x) | 53.8x | |||
| $1.5B | $507M | 4.2x | 3.9x | 12.2x | 10.7x | |||
| $8.2B | $417M | 0.8x | 0.7x | 15.5x | 10.4x | |||
| $12B | $438M | 0.5x | 0.4x | 15.4x | 10.2x | |||
| $12B | $1.2B | 1.3x | 1.5x | 13.4x | 5.5x | |||
| $6.8B | $1.5B | 1.3x | 1.3x | 6.3x | 5.9x | |||
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Common questions about Lambda
| When was Lambda founded? | Lambda was founded in 2012. |
| Where is Lambda headquartered? | Lambda is headquartered in San Jose, CA, United States. |
| Is Lambda publicly listed? | No, Lambda is a private, VC-backed company. |
| What is Lambda's valuation? | Lambda was last valued at $6B in its Series E in November 2025. |
| How much funding has Lambda raised? | Lambda has raised $2.4B across 7 funding rounds. |
| What was Lambda's last funding round? | Lambda's last funding round was a $1.5B Series E in November 2025, led by TWG Global. |
| Who are Lambda's investors? | Lambda's investors include Bloomberg Beta, Gradient, 1517 Fund, Mercato Partners, Georges Harik, US Innovative Technology Fund, Crescent Cove Advisors, Invariantes Fund, Lukas Biewald, NVIDIA and 21 others. |
| What is Lambda's revenue? | Lambda's latest recorded revenue is $520M (November 2025). |
| What is Lambda's revenue multiple? | Lambda's latest valuation implies a 11.5x revenue multiple ($6B valuation on $520M of revenue). |
| Which companies are comparable to Lambda? | Companies comparable to Lambda include Wangsu, Applied Digital, GDS Holdings, Oracle Corp Japan, Yotta Infrastructure and Vultr. |
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