Lambda negotiating up to 14.5B pre-money valuation, led by Coatue and Blackstone (WSJ sourcing).
Backlog surged 50B (September), anchored by $35B Anthropic cloud deal signed late August. Anthropic contract involves Nvidia hardware at Texas Hut8 facility.
Nvidia participated in 5.9B post-money (Nov 2025, TWG-led 14.5B pre-money.
Leadership: co-founder Stephen Balaban moved to CTO; Michel Combes joined as CEO. Planned 2027 IPO (delayed from 2026). Separate $1B debt raise for data center capacity.