Lambda has layered a $320 million Series C, a $500 million GPU-backed SPV facility led by Macquarie, a $480 million Series D, a Series E of more than $1.5 billion, and debt facilities including a $926 million term loan B, a $1 billion syndicated facility and a $275 million facility, with a $350 million pre-IPO round reportedly in talks ahead of a targeted H2 2026 IPO. Its anchor relationships include a multibillion-dollar Microsoft agreement covering GB300 NVL72 systems and a reported $1.5 billion Nvidia lease-back. Flagship US expansion is a Kansas City, Missouri deployment starting at 24MW and scaling above 100MW against a company-wide 3GW liquid-cooled ambition. On 31 August 2026 Bloomberg and The Wall Street Journal reported that Lambda had signed a $35 billion cloud agreement with Anthropic, with the capacity to run through Hut 8's Beacon Point campus in Nueces County, Texas on a lease held by Nvidia. The reports did not disclose the agreement's term, GPU count, payment schedule or computing capacity.
Named sites
2
Site commitments on record for Lambda
Disclosed site capital
n.a.
Named sites with a stated dollar figure. A floor, not a capex total
Disclosed capacity
24 MW
Named sites with a stated megawatt figure
Financing transactions
15
Transactions naming Lambda or one of its sites
Prices tracked
11
11 confirmed on the provider's feed or page at the last check
Sources
20
Every cited page, listed below
Market
Lambda is privately held, so there is no public market data to show.
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent, and guidance is what management expects. They sit side by side and are never combined.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| H2 2026 (reported) | raise | ~$350M | $350 million pre-IPO round reportedly in talks with Mubadala Capital to lead; IPO reportedly targeted for H2 2026 with Morgan Stanley, J.P. Morgan and Citi engaged |
Named sites
Where Lambda builds
| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
Kansas City deployment hosting from early 2026 |
Missouri | Kansas City | n.a. | 24 | announced | |
Lambda data center, MidAmerica Industrial Park (south section) with MidAmerica Industrial Park, Grand River Dam Authority (power), Cloverleaf Infrastructure (site readiness) |
Oklahoma | Chouteau, Mayes County | n.a. | n.a. | announced |
Financing
Financing transactions
Transactions that name Lambda as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
Anthropic + Lambda + Nvidia + Hut 8 Anthropic agreed a reported $35 billion cloud computing agreement with Lambda, a San Jose based cloud provider in which Nvidia is an investor. The capacity is reported to run through Hut 8's Beacon Point campus in Nueces County, Texas, a facility of six data halls totaling 352 MW of critical IT capacity, with Nvidia holding the underlying lease and Lambda installing Nvidia systems. Neither Anthropic nor Lambda has published the contract terms, and Hut 8's project bond disclosure names the tenant only as rated AA- or higher. Press coverage places Anthropic's cumulative cloud commitments announced in recent months at approximately $175 billion. |
other | ~$35.0B | Reported 31 August 2026 by The Wall Street Journal and Bloomberg; widely reported 1 September 2026 |
Beacon Point data center (TX) |
|
Lambda + TWG Global + USIT Series E led by TWG Global and USIT to build superintelligence cloud infrastructure. |
equity raise | ≥$1.5B | November 18, 2025 |
n.a. |
|
Nvidia + Lambda A $1.5 billion lease-back from Nvidia to Lambda, reported September 2025. Terms beyond the reported figure are not disclosed in the fetched sources. |
lease | ~$1.5B | Reported September 2025 |
n.a. |
|
Lambda + JPMorgan Chase & Co. + Microsoft + Nvidia Bloomberg reported that Lambda raised about $1 billion of private short-dated debt, marketed to private placement investors, to buy Nvidia GPUs that will be leased by Microsoft under Lambda's 2025 agreement with Microsoft. JPMorgan declined to comment and Lambda, Nvidia and Microsoft did not respond. The deal followed Lambda's $926 million term loan that closed in August 2026. On 1 October 2026 Lambda announced the closing of a $1 billion investment-grade delayed draw term loan marketed to insurance companies and fixed income investors, its first US fixed rate financing. The facility was oversubscribed, is rated A (low) by Morningstar DBRS and Baa1 by Moody's, and carries a 6.78% fixed interest rate per the release. Proceeds fund the purchase and development of GPU infrastructure for three committed customer deployments with two investment-grade offtakers across multiple data centers; the release does not name the offtakers. J.P. Morgan acted as sole coordinating lead arranger, structuring agent and bookrunner. |
private placement debt (short-dated) | $1.0B | Reported by Bloomberg 28 August 2026; closing announced by Lambda 1 October 2026 |
n.a. |
|
Lambda Syndicated facility recorded on the same page as the GPU-backed facility announcement. |
debt facility | $1.0B | recorded on April 2024 Business Wire page |
n.a. |
|
Lambda Lambda closed a $926 million senior secured term loan B, led by Morgan Stanley as lead left arranger and bookrunner with MUFG as joint bookrunner. The facility is rated Baa2 by Moody's, priced at SOFR plus 3.00% and issued at 99.5% of principal, and fully amortizes to a 31 December 2030 maturity. Proceeds fund the purchase and deployment of GPU infrastructure for a committed customer deployment with an investment-grade offtaker; Lambda does not name the GPU model or the customer. Lambda describes the facility as its first large-scale private cloud GPU asset-backed SPV financing and as the first broadly syndicated, investment-grade-rated term loan B completed by a private neocloud. Correction applied 10 September 2026: this record previously carried the date note 'recorded on April 2024 Business Wire page' with no terms. The issuer's own announcement dates the $926 million term loan B to 27 August 2026, and the terms are taken from that announcement. |
debt facility | $926M | Closed 27 August 2026 |
n.a. |
|
Nvidia + CoreWeave + Nebius + Nscale + Lambda + Crusoe Nvidia backstops $860M of partner data center lease obligations, with $470M escrowed, across CoreWeave, Nebius, Nscale, Lambda and Crusoe. |
guarantee | $860M | Date n.a. in this part |
n.a. |
|
Nvidia + Supermicro + Lambda A $600M Supermicro 21MW Prime sublease was routed to Lambda as part of Nvidia's Lambda-related commitments. |
lease | $600M | Date n.a. in this part |
n.a. |
|
Lambda + Macquarie Group + Industrial Development Funding GPU-backed special purpose financing to expand Lambda's cloud for AI. |
debt facility | $500M | announced April 2, 2024 |
n.a. |
|
Lambda + Andra Capital + SGW + Nvidia + ARK Invest + In-Q-Tel + Supermicro Series D co-led by Andra Capital and SGW, with Nvidia, ARK Invest, In-Q-Tel and Supermicro participating. |
equity raise | $480M | February 2025 per DCD |
n.a. |
|
Lambda + Mubadala Capital Lambda reportedly targets an IPO in H2 2026, slightly later than a previously reported H1 target, with Morgan Stanley, J.P. Morgan and Citi engaged. Bloomberg reported on 25 August 2026 that Lambda was in talks to raise as much as $3 billion at a valuation of as much as $12 billion or more, had received multiple term sheets, and could go public as soon as 2027; terms were not finalized. Reported by Bloomberg |
equity raise | ~$350M | reported; IPO targeted H2 2026 |
n.a. |
|
Lambda Recorded on the same Business Wire page as the GPU-backed facility. |
equity raise | $320M | February 2024 |
n.a. |
|
Lambda Facility recorded on the same page as the GPU-backed facility announcement. |
debt facility | $275M | August 2025 |
n.a. |
|
Lambda + Microsoft Agreement covering GB300 NVL72 systems and tens of thousands of Nvidia GPUs. |
other | n.a. | November 3, 2025 |
n.a. |
|
Nvidia + Lambda Nvidia participated in Lambda's Series D round. The source does not state Nvidia's dollar commitment. |
equity raise | n.a. | Date n.a. in this part |
n.a. |
The record
Sourced facts on Lambda
- The atlas corrects the brief's '$400M Series C (Aug 2025)': the confirmed Series C is $320 million in February 2024, and the August 2025 event is a $275 million facility.
- Lambda targets a company-wide 3GW liquid-cooled buildout, with named locations including San Francisco, Allen TX, Columbus OH, Chicago, Atlanta (EdgeConneX), Plano TX (Aligned) and Vernon CA.
- Nvidia arranged a $600 million Supermicro 21MW Prime sublease routed to Lambda.
Tracked prices
Lambda prices
Every price the Index tracks for Lambda, in the provider's own words beside a normalized figure, with the date it was last checked. What AI Costs compares them across the market.
| GPU | Offer | Terms | Published price | Per GPU-hour | Change | Checked | Source |
|---|---|---|---|---|---|---|---|
| NVIDIA H100 | NVIDIA H100 PCIe | on-demandList | $3.29 per GPU-hour, 1x instance (26 vCPUs), on-demand | $3.29 | No change | On pageOct 6, 2026 | lambda.ai ↗ |
| NVIDIA H100 | NVIDIA H100 SXM (on-demand instance, 8-GPU config, 208 vCPU/1800 GiB) | on-demandList | $3.99 per GPU-hour, 8x instance (208 vCPUs), on-demand | $3.99 | No change | On pageOct 6, 2026 | lambda.ai ↗ |
| NVIDIA H100 | NVIDIA H100 SXM (smaller configs) | on-demandList | $4.09 per GPU-hour, 4x instance (104 vCPUs), on-demand | $4.09 | No change | On pageOct 6, 2026 | lambda.ai ↗ |
| NVIDIA H100 | 1-Click Clusters, NVIDIA H100 | short-term reserved clusterCommitted | $5.54 per GPU-hour for 256 GPUs, 2 weeks – 1 year, 1-Click Clusters | $5.54 | No change | On pageOct 6, 2026 | lambda.ai ↗ |
| NVIDIA H200 | 1-Click Clusters, H200 | not publishedNot published | n.a. | Not published | No change | On pageOct 6, 2026 | lambda.ai ↗ |
| NVIDIA B200 | NVIDIA B200 SXM6 | on-demandList | $6.69 per GPU-hour, 8x instance (208 vCPUs), on-demand | $6.69 | No change | On pageOct 6, 2026 | lambda.ai ↗ |
| NVIDIA B200 | 1-Click Clusters, NVIDIA HGX B200 | short-term reserved clusterCommitted | $8.87 per GPU-hour for 256+ GPUs, 2 weeks – 1 year, 1-Click Clusters | $8.87 | No change | On pageOct 6, 2026 | lambda.ai ↗ |
| NVIDIA GB200 NVL72 | 1-Click Clusters, GB200 | not publishedNot published | n.a. | Not published | No change | On pageOct 6, 2026 | lambda.ai ↗ |
| NVIDIA B300 | 1-Click Clusters, B300 | not publishedNot published | n.a. | Not published | No change | On pageOct 6, 2026 | lambda.ai ↗ |
| NVIDIA GB300 NVL72 | 1-Click Clusters, GB300 | not publishedNot published | n.a. | Not published | No change | On pageOct 6, 2026 | lambda.ai ↗ |
| NVIDIA GH200 | NVIDIA GH200 | on-demandList | $2.29 per GPU-hour, 1x instance (64 vCPUs), on-demand | $2.29 | No change | On pageOct 6, 2026 | lambda.ai ↗ |
Sources
Sources for Lambda
Every source cited on this page, once each.
- datacenterdynamics.comDCD
- lambda.aiLambda (company announcement), 27 September 2026
- msn.comKOKH Fox 25 (via MSN), 27 September 2026
- newson6.comNews On 6, 28 September 2026
- tulsaworld.comTulsa World, 28 September 2026
- bloomberg.comBloomberg
- finance.yahoo.comReuters via Yahoo Finance
- finance.yahoo.comWSJ report via Yahoo Finance
- techxplore.comTechXplore
- lambda.aiLambda
- datacenterdynamics.comDCD
- lambda.aiLambda
- datacenterdynamics.comDCD
- finance.yahoo.comBloomberg via Yahoo Finance
- finance.yahoo.comLambda release via Business Wire (Yahoo Finance), 1 October 2026
- businesswire.comBusiness Wire / Lambda
- lambda.aiLambda
- finance.yahoo.comBloomberg via Yahoo Finance
- lambda.aiLambda
- lambda.ailambda.ai
NeoCloud
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Capital figures come from the Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so each figure appears as its source states it and none are added into a single deployment number. Informational, not investment advice.
Sources
The SAVRN reference set
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.
Capital Atlas
Who is funding AI data centers: capital providers, named sites, financing transactions, and the blocked-and-delayed record, state by state and company by company.
Open the atlas →
Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
Open the watchlist →
Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
Open the tracker →
Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
Open the water tracker →
Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
Open the watchlist →
Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
Open the permits tracker →
SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
Open the scarcity tracker →
Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
Check this address →