AI cloud provider Lambda is raising $3 billion at a valuation of up to $12 billion, according to Bloomberg. The company, backed by Nvidia, is expected to generate more than $1.5 billion in revenue this year. Lambda has received multiple investment term sheets. People familiar with the matter said the financing could be a step toward an IPO next year, with some viewing it as preparation for a 2027 listing. Lambda previously raised more than $1.5 billion in a financing round led by TWG Global last November, with participation from Andra Capital, ARK Invest, Nvidia and OpenAI co-founder Andrej Karpathy.