s 据《华尔街日报》报道，云服务提供商Lambda正计划以145亿美元的估值筹集最多40亿美元资金，这很可能是该公司在计划于2027年上市前的最后一轮私募融资。此次融资由Coatue Management和黑石集团牵头。
Image Credits:KTSDesign / Science Photo Library / Getty Images Cloud provider Lambda is raising up to $4 billion at a $14.5 billion pre-money valuation, marking what could be its last private round before a planned 2027 IPO, according to The Wall Street Journal. Coatue Management and Blackstone are leading the round.
《华尔街日报》查阅的一份致投资者信件显示，Lambda的未交付订单额从6月的150亿美元增长至9月的500亿美元。虽然这一增长看似市场需求旺盛，但实际上其中350亿美元来自一家企业——Anthropic。该公司于8月底与Lambda签署了合作协议。
A letter to investors reviewed by the Journal shows Lambda’s backlog grew from $15 billion in June to $50 billion in September. While that might look like a hearty increase in demand, much of that increase appears to be driven by a $35 billion commitment from one company: Anthropic, which signed a deal with Lambda in late August.
这意味着，自2025年融资以来估值大幅攀升的Lambda，其价值很大程度上依赖于Anthropic的持续投入能力。不过，鉴于目前可用的GPU资源极为稀缺，投资者们依然愿意押注那些能提供此类资源的公司，尤其是那些与大型AI实验室签有大额合同的公司。
That means Lambda’s valuation, which has climbed significantly since its 2025 funding round, could be leaning heavily on Anthropic’s ability to keep paying. Still, with reliable GPU capacity so scarce, investors are clearly still willing to bet on companies that provide it, especially ones with large contracts with a major AI lab.
对于Lambda这类新兴云服务商而言，真正的挑战并非需求不足，而是满足需求所需的成本。其数据中心建设资金主要依赖债务融资——上周Lambda又额外筹集了10亿美元。目前，贷款机构对于放贷对象及条件愈发挑剔。此时进行新一轮融资不仅有助于确定其IPO定价，还能在面临公开市场的严格审查前获得更多资金储备。
For neoclouds like Lambda, demand isn’t so much the problem as is the cost of meeting it. Data center buildouts are largelyfunded by debt — of which Lambda just raised an additional $1 billion last week — and lenders are getting choosierabout who they offer cash to and under what circumstances. Lambda’s decision to raise more now not only sets the tone for its IPO pricing, but also gives it access to more capital before the scrutiny of public markets arrives.
据传Lambda原本计划今年上市，但因市场环境不明朗而推迟。一旦成功上市，该公司将与同样获得英伟达支持的其他新兴云服务商——如CoreWeave和Nebius——一样，依靠股价表现来筹措数据中心建设资金。英国的新兴云服务商Nscale已于上月提交IPO申请，预计很快将挂牌交易。
If and when Lambda does IPO — the company was reportedly meant to debut this year, but has pushed that back amid market uncertainty — it will join other Nvidia-backed neoclouds, like CoreWeave and Nebius, that now depend on the health of their stock to fund their data center buildouts. British neocloud Nscale filed for an IPO last month and is expected to begin trading soon.
目前，Lambda、Coatue Management及黑石集团尚未对置评请求作出回应。获取业界最前沿的科技资讯
Lambda, Coatue, and Blackstone did not immediately respond to a request for comment. for the industry’s biggest tech news