Neocloud Lambda is seeking $4 billion in a pre-IPO funding round.

As reported by The Wall Street Journal and citing people familiar with the matter, this will be the last round before the company targets an initial public offering.

The pre-IPO funding will be led by Blackstone and Coature Management, and targets a company valuation for Lambda of $14.5bn, excluding the fundraise.

Reports of a new funding effort for the company come shortly after Lambda announced $1bn in senior secured fixed-rate financing earlier this month. The company also secured a $926 million facility in August 2026.

WSJ reports that Lambda is targeting an IPO in 2027, citing a letter sent to the company's limited partners that the publication viewed. That letter further noted that Lambda's backlog sat at $50bn in September, up from $15bn in June.

This was primarily linked to a deal with Anthropic valued at $35bn.

Lambda declined to comment to the WSJ.

The company is not the sole neocloud looking to launch an initial public offering. UK-based Nscale is also seeking to do so in the foreseeable future, having published its IPO prospectus in late September, while Australia's Firmus is also targeting an IPO.

CoreWeave went public at the end of March 2025.

Founded in 2012 and offering GPU-based cloud compute, Lambda operates out of 15 data centers across the US, according to its website, and is targeting gigawatts of compute by 2030. Microsoft and Anthropic are known customers.