Lambda, the Nvidia-powered AI cloud provider, is reportedly preparing for an IPO in the first half of 2026, with Morgan Stanley, J.P. Morgan, and Citi advising. The San Francisco firm nearly doubled cloud revenue in early 2025, hitting $250m in the first half, with gross margins at 50 percent. Backed by $1.65bn in funding, Lambda’s move follows rival CoreWeave’s high-profile public listing earlier this year.
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