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SAVRN Research · Capital Atlas · NeoCloud and GPU cloud

Lambda Data Center Capex and Sites

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.

Updated October 8, 2026 2 named sites 15 financing transactions 3 sourced facts 20 sources
Lambda (Lambda Labs)
NeoCloud and GPU cloud
Financing regimeGPU-backed SPV debt and syndicated facilities layered on venture equity, moving toward an IPO
Named sites
2
Site-level commitments the atlas ties to Lambda (Lambda Labs)
Disclosed site capital
n.a.
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
24 MW
Sum of named sites with a stated megawatt figure
Financing transactions
15
Transactions naming Lambda (Lambda Labs) or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
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 (Lambda Labs) builds

Missouri
1 site
Open the Missouri investment tracker →
Oklahoma
1 site
Open the Oklahoma investment tracker →
SiteStatePlaceCapitalMWStatusSources
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 (Lambda Labs) as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
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. The Wall Street Journal reported on Tuesday 6 October 2026, citing unnamed sources, that Lambda is raising as much as $4 billion in a final round before its planned IPO, at a valuation of $14.5 billion excluding the new money. Reported, not closed; amount field unchanged.
 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 (Lambda Labs)

  • 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.
Sources

Sources for Lambda (Lambda Labs)

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

NeoCloud and GPU cloud: one page each

Applied Digital 5Bitdeer Technologies Group 2Cerebras Systems 6Cipher Digital Inc. 0Core Scientific 2CoreWeave 4Corvex, Inc. 0Crusoe Energy 5Fluidstack 2Galaxy Digital Inc. 1Groq 1Hut 8 Corp. 1IREN 1Lambda (Lambda Labs) 2Nebius Group 4Nscale 2Poolside 1SambaNova Systems 0Sesterce 3TeraWulf 1Together AI 0Voltage Park 6Vultr 1WhiteFiber, Inc. 2

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
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