AI cloud provider Lambda has raised more than $1.5 billion in its Series E funding round.

TWG Global, a holding company led by Thomas Tull and Mark Walter, led the round, with participation also from Tull's US Innovative Technology Fund, and other existing investors.

“This round of funding helps enable Lambda to develop gigawatt-scale AI factories that power services used by hundreds of millions of people every day,” said Stephen Balaban, co-founder and CEO of Lambda.

“Our mission is to make compute as ubiquitous as electricity and bring the power of AI to every person in America. One person, one GPU. It’s a privilege to work with Thomas, USIT, and TWG Global to realize this vision.”

Founded in 2012 and offering GPU-based cloud compute, Lambda operates out of 15 data centers across the US, according to its website. The company aims to deploy more than one million Nvidia GPUs and 3GW of liquid-cooled data center capacity.

The funding round shortly follows a multi-billion-dollar contract secured with Microsoft earlier this month through which Lambda will give Microsoft access to tens of thousands of GPUs. The company has also reportedly signed a $1.5bn deal with Nvidia that will see the chipmaker leasing its own chips back from Lambda.

In its previous funding round (Series D), in February 2025, Lambda raised $480m.