TL;DR: Following rival CoreWeave’s IPO in March 2025, Lambda (fka Lambda Labs) has hired Morgan Stanley, JPMorgan, and Citi for an IPO as early as H1’2026. Sacra estimates Lambda hit $505M in annualized revenue in May 2025, up from $425M at the end of 2024, positioned as the developer experience focused GPU cloud alternative to CoreWeave. For more, check out our full report and dataset on Lambda...