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 As annualized revenue surpasses $500M, Lambda, the AI Cloud infrastructure leader, has reached out the Morgan Stanley to prepare for an IPO: https://sacra.com/research/lambda-ipo/

Lambda Labs, founded in 2012, is a U.S.-based AI-infrastructure company providing GPU cloud and on-prem hardware for AI model training and inference. The firm employs ~600 people and operates one of the largest independent GPU clouds, featuring NVIDIA H100 Tensor Core GPUs.

Lambda has reportedly engaged Morgan Stanley, J.P. Morgan, and Citi to prepare for an IPO targeted for 1H 2026, following rapid growth and strong institutional backing.
Sources:

• DataCenterDynamics — “AI cloud Lambda hires investment banks in preparation for IPO” (Sept 2025): https://www.datacenterdynamics.com/en/news/ai-cloud-lambda-hires-investment-banks-in-preparation-for-ipo-report/

• Sacra — “Lambda IPO Research Report”: https://sacra.com/research/lambda-ipo/

Recent Series D round ($480 M, Feb 2025) was led by Andra and SGW, with participation from NVIDIA, B Capital, and T. Rowe Price, bringing total funding to roughly $844 M. Lambda’s customers span major technology firms (Amazon, Google, Microsoft, Apple, Tencent, Sony), leading universities (MIT, Stanford, Caltech), and the U.S. Department of Defense.