According to The Information, the company is raising about $350 million in pre-IPO financing through convertible notes. The round is led by Mubadala Capital. The discussed terms include roughly a 20% discount to the future offering price and penalty mechanisms if the listing does not take place within a year. Lambda has not announced an official IPO date yet, but the structure of the deal itself points to serious intent.
The last primary Series E round in November 2025 valued the company at $5.9 billion and brought in about $1.5 billion. The secondary market has moved noticeably higher. According to Forge data as of June 13, 2026, the indicative Forge Price was $49.25 per share, implying a valuation of around $9 billion.
The business also confirms the momentum. Lambda’s revenue for the period from October 2024 to September 2025 exceeded $520 million, while third-quarter sales grew 80% year over year. In November, the company signed a multibillion-dollar infrastructure agreement with Microsoft.
This again points to market appetite for infrastructure companies at the very base of the artificial intelligence “food chain.”