---
title: "Lambda revenue and valuation"
description: "Lambda's revenue is estimated at $320M–$1.25B, last reported at $520M. Valued at $2.5B after raising $6.08B. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/lambda.md
canonical_url: https://www.tryspecter.com/revenue-valuation/lambda
publisher: Specter
last_updated: 2026-11-01
---

# Lambda revenue and valuation

Specter estimates Lambda's annual revenue at $320M to $1.25B and its valuation at $12.1B to $17.4B. The company last reported $520M revenue in December 2025 and was priced at $2.5B in February 2025.

Lambda provides GPU hardware and cloud infrastructure for AI training.

- Estimated revenue: $320M to $1.25B (October 2026)
- Estimated valuation: $12.1B to $17.4B (October 2026)
- Last reported revenue: $520M (December 2025)
- Total funding: $6.08B
- Founded: 2012
- Headquarters: San Francisco, United States
- Employees: 816
- Sector: AI infra
- Specter Rank: #32,097

## Lambda revenue

Lambda last reported $520M revenue in December 2025. Specter's model puts current revenue between $320M and $1.25B.

| Reported figure | Date | Source |
| --- | --- | --- |
| $520M revenue | December 2025 | [SignalPulse: Weekly Signals, Startups & Deals To Watch Alert](https://www.techbuzz.ai/newsletters/signalpulse-472b-post-a301313c-796f-423a-80e1-73da4dd51661) (techbuzz.ai) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $630M | $320M | $1.25B |
| September 2026 | $620M | $330M | $1.16B |
| August 2026 | $590M | $340M | $1.02B |
| July 2026 | $540M | $340M | $870M |
| June 2026 | $530M | $330M | $840M |
| May 2026 | $540M | $350M | $840M |
| April 2026 | $520M | $360M | $750M |
| March 2026 | $530M | $390M | $730M |
| February 2026 | $520M | $400M | $690M |
| January 2026 | $520M | $410M | $650M |
| December 2025 | $520M | $430M | $630M |
| November 2025 | $520M | $420M | $640M |
| October 2025 | $440M | $220M | $650M |
| September 2025 | $300M | $74M | $530M |
| August 2025 | $410M | $160M | $670M |
| July 2025 | $360M | $144M | $580M |
| June 2025 | $360M | $146M | $570M |
| May 2025 | $350M | $127M | $570M |
| April 2025 | $270M | $53M | $490M |
| March 2025 | $340M | $78M | $600M |
| February 2025 | $310M | $68M | $540M |
| January 2025 | $310M | $63M | $560M |
| December 2024 | $310M | $63M | $560M |
| November 2024 | $310M | $62M | $550M |
| October 2024 | $310M | $62M | $550M |
| September 2024 | $310M | $56M | $550M |
| August 2024 | $310M | $67M | $560M |
| July 2024 | $270M | $65M | $470M |
| June 2024 | $220M | $58M | $370M |

## Lambda valuation

Lambda's valuation rose from $1.5B at its Series C in February 2024 to $2.5B at its Series D in February 2025. Specter's live estimate sits between $12.1B and $17.4B.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $14.5B | $12.1B | $17.4B |
| September 2026 | $14.5B | $12.1B | $17.4B |
| August 2026 | $13.1B | $10.4B | $16.6B |
| July 2026 | $11.9B | $9.18B | $15.4B |
| June 2026 | $10.8B | $8.09B | $14.3B |
| May 2026 | $9.76B | $7.45B | $12.8B |
| April 2026 | $8.84B | $7.06B | $11.1B |
| March 2026 | $8B | $6.28B | $10.2B |
| February 2026 | $7.25B | $5.93B | $8.86B |
| January 2026 | $6.56B | $5.43B | $7.94B |
| December 2025 | $5.95B | $4.77B | $7.41B |
| November 2025 | $5.38B | $4.6B | $6.31B |
| October 2025 | $4.88B | $3.9B | $6.1B |
| September 2025 | $4.42B | $3.57B | $5.46B |
| August 2025 | $4B | $3.33B | $4.81B |
| July 2025 | $3.7B | $2.65B | $5.16B |
| June 2025 | $3.42B | $2.5B | $4.68B |
| May 2025 | $3.16B | $2.43B | $4.11B |
| April 2025 | $2.92B | $2.33B | $3.67B |
| March 2025 | $2.7B | $2.2B | $3.33B |
| February 2025 | $2.5B | $2.08B | $3.01B |
| January 2025 | $2.4B | $1.66B | $3.46B |
| December 2024 | $2.3B | $1.69B | $3.12B |
| November 2024 | $2.2B | $1.69B | $2.87B |
| October 2024 | $2.11B | $1.38B | $3.21B |
| September 2024 | $2.02B | $1.41B | $2.9B |
| August 2024 | $1.94B | $1.4B | $2.67B |
| July 2024 | $1.86B | $1.54B | $2.24B |
| June 2024 | $1.78B | $1.47B | $2.15B |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $14.5B | October 2026 | Funding round |
| $14.5B | September 2026 | [techjacksolutions.com](https://techjacksolutions.com/ai-brief/lambda-4b-raise-145b-valuation-2027-ipo/) |
| $4B | August 2025 | [techfundingnews.com](https://techfundingnews.com/nvidia-backed-lambda-lands-480m-at-4b-valuation-to-scale-its-ai-cloud/) |
| $2.5B | February 2025 | Funding round |
| $1.5B | February 2024 | Funding round |

## Lambda funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 1 Oct 2026 | Debt financing | $1.01B | Undisclosed | Undisclosed |
| 26 Aug 2026 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 12 Aug 2026 | Debt financing | $926M | Undisclosed | Undisclosed |
| 7 May 2026 | Debt financing | $1B | Undisclosed | JP Morgan |
| 18 Nov 2025 | Series E | $1.5B | Undisclosed | TWG Global |
| 19 Aug 2025 | Debt financing | $275M | Undisclosed | JP Morgan |
| 19 Feb 2025 | Series D | $480M | $2.5B | SGW, Andra Capital, Alumni Ventures |
| 21 Nov 2024 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 4 Apr 2024 | Debt financing | $500M | Undisclosed | Macquarie Group |
| 15 Feb 2024 | Series C | $320M | $1.5B | US Innovative Technology Fund |
| 21 Mar 2023 | Series B | $44M | Undisclosed | Mercato Partners |
| 14 Jul 2021 | Series A | $15M | Undisclosed | Undisclosed |
| 14 Jul 2021 | Debt financing | $9.5M | Undisclosed | Silicon Valley Bank |
| 28 Apr 2019 | Seed | $4M | Undisclosed | Gradient |
| 20 Dec 2017 | Pre-Seed | Undisclosed | Undisclosed | Undisclosed |

## Lambda vs competitors

The GPU cloud market is divided between proprietary data center operators and distributed compute marketplaces.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Lambda | $320M–$1.25B | $12.1B–$17.4B |
| CoreWeave (coreweave.com) | $12.2B–$18.9B | $49.9B–$136B |
| Nebius (nebius.com) | $2.38B–$4.35B | $580M–$890M |
| Nscale (nscale.com) | $310M–$670M | $13.7B–$19.8B |
| Fluidstack (fluidstack.io) | $163M–$940M | $15B–$21.6B |

## Questions

### What is Lambda's revenue?

Specter estimates Lambda's annual revenue at $320M to $1.25B as of October 2026. Lambda last reported $520M revenue in December 2025.

### What is Lambda's valuation?

Lambda's latest post-money valuation is $2.5B, from a February 2025 Series D. Specter's live estimate is $12.1B to $17.4B.

### What is Lambda's revenue multiple?

Lambda is valued at about 4.8× revenue, based on its $2.5B February 2025 valuation and $520M last reported revenue. That works out to roughly $637K of revenue per employee.

### How much funding has Lambda raised?

$6.08B across 15 rounds, from a Pre-Seed in December 2017 to a $1.01B debt financing in October 2026.

### Who invested in Lambda?

57 investors, including Alumni Ventures, Andra Capital, JP Morgan, Macquarie Group, SGW and TWG Global.

### Who are Lambda's competitors?

CoreWeave, Nebius, Nscale and Fluidstack. Specter ranks 30 competitors for Lambda.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "Lambda revenue and valuation." tryspecter.com/revenue-valuation/lambda. Updated November 2026.