LAMBDA·AI infrastructurePre-IPO · Private

Lambda

ConvictionModerate

GPU cloud (neocloud) · GPU-as-a-service for AI training & inference; asset-heavy compute rental

Revenue

~$425M FY2024~$500M annualized run-rate (May 2025); $520M+ TTM through Sep 2025 (company/press, not SEC-audited

Rev growth

~70% YoY 2023→2024~79–80% YoY in 2025 (Q3 2025 sales +~80% YoY

Gross margin

~50% blended~61% excluding the shrinking non-cloud (hardware) business (H1 2025, Sacra) — thin vs software, typical for GPU-rental asset-heavy model

Op margin

Not disclosed

Capex intensity

Not disclosed

Valuation

~$5.9B last roundSeries E, Nov 2025); ~$9B implied on secondary (Forge ~$49.25/sh, Jun 2026); up from $2.5B Series D (Feb 2025) and $1.5B Series C (Feb 2024) — stage: private/pre-IPO

Valuation trail

~$5.9B (secondary/estimated; round post-money undisclosed)67.4× since Jul 2021

5 marks · Jul 2021–Nov 2025

private — no public price

Priced round Secondary / SPAC mark

Series A/B are Sacra private-market marks (not company-disclosed); Series C/D post-money were disclosed; Series E post-money was NOT disclosed by Lambda — $5.9B is a Sacra/Forge secondary-market estimate (Bloomberg pre-round reporting suggested $4-5B).

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026 (Jun 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence