AI cloud company Lambda has raised $926m in secured debt to support expansion of its GPU cloud platform and committed developments.

The company announced it had priced the senior secured term loan B facility yesterday, claiming it to be the first investment-grade-rated term loan B financing executed by a private neocloud.

Lambda said the facility has generated “significant investor demand” and expanded “the addressable investor base for AI infrastructure financing.”

The transaction was “meaningfully oversubscribed,” and attracted interest from institutional investors.

Lambda said the facility was its first large-scale, private cloud GPU asset-backed SPV financing, a structure it will continue to use to fund its committed customer deployments.

The facility was priced at SOFR + 3.00 percent, with a maturity of December 31, 2030. The facility is expected to close in August 2026.

“This transaction will establish Lambda as the first private neocloud to access the term loan B market with an investment-grade rating,” said Michel Combes, CEO of Lambda. “The significant pricing and investor interest we generated reflect the strength of our customer commitments, the quality of our infrastructure and growing institutional conviction in AI infrastructure as an asset class.”

Lambda was founded in 2012 by Stephen and Michael Balaban. The company recently appointed Combes as CEO, replacing Stephen Balaban who now serves as CTO. Michael Balaban serves as chief product officer.

The company is targeting 3GW of compute capacity by 2030.