Lambda Closes $926 Million Senior Secured Term Loan B Facility, Backing GPU Deployment for an Investment-Grade Customer

Marks Lambda’s second major debt financing this year, extending a repeatable, asset-backed model for funding committed AI infrastructure deployments

SAN FRANCISCO--(BUSINESS WIRE)--Lambda, Inc. (“Lambda”), the Superintelligence Cloud, today announced the closing of its $926 million senior secured term loan B facility (the “Facility”), first priced on August 12, 2026, to fund the purchase and deployment of GPU infrastructure supporting a committed customer deployment with an investment-grade offtaker.

The Facility is Lambda's first large-scale private cloud GPU asset-backed SPV financing and the first broadly syndicated, investment-grade-rated term loan B completed by a private neocloud. Moody's assigned the Facility a Baa2 rating. The Facility was priced at SOFR + 3.00%, and issued at 99.5% of the principal amount.

The Facility matures December 31, 2030, on a fully amortizing schedule aligned with the contracted cash flows and useful life of the underlying GPU infrastructure. It is secured by the GPU servers and related infrastructure funded through the transaction and the cash flows those assets generate.

The closing follows Lambda's $1 billion senior secured credit facility, announced in May 2026. As its backlog of multi-year customer contracts continues to grow, Lambda expects asset-backed financing to continue to be a source of funding for new GPU capacity, alongside its equity base.

“Closing this Facility puts capital straight to work, funding infrastructure to which our customer is already committed,” said Michel Combes, Chief Executive Officer of Lambda. “An investment-grade rating on a term loan B signals that AI infrastructure has arrived as an investable asset class, standing alongside other contracted, income-producing assets. We expect to return to this market as we scale.”

Morgan Stanley acted as lead left arranger, bookrunner, and administrative agent on the Facility. MUFG served as joint bookrunner. Citizens Bank, Crédit Agricole, and Wells Fargo acted as documentation agents. Davis Polk & Wardwell LLP served as legal counsel to Lambda, and Latham & Watkins LLP served as legal counsel to Morgan Stanley and the arrangers.

About Lambda

Lambda, the Superintelligence Cloud, is a leader in AI cloud infrastructure serving tens of thousands of customers. Founded in 2012 by published machine learning engineers, Lambda builds supercomputers for AI training and inference. Our customers range from AI researchers to enterprises and hyperscalers. Lambda's mission is to make compute as ubiquitous as electricity and give everyone the power of superintelligence. One person, one GPU.

Forward-Looking Statements

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