Cloud service provider Lambda is seeking to raise up to $4 billion in its final private funding round before a planned 2027 IPO, targeting a $14.5 billion valuation. Coatue Management and Blackstone are leading the round for the Nvidia-backed firm, which positions this as its last capital raise prior to going public. Lambda’s backlog surged from $15 billion in June to $50 billion by September, according to an investor letter. However, the majority of this growth stems from a single $35 billion order from Anthropic, highlighting significant customer concentration ahead of the company's public listing.