Nvidia is set to lease its own chips back from AI cloud provider Lambda.

According to a report from the Information, Nvidia has signed a deal with Lambda worth $1.5 billion that will see the chip maker leasing around 18,000 GPUs over the next four years.

According to the Information, this is further broken down into $1.3bn for 10,000 GPUs, and $200 million for 8,000 GPUs that are likely lower-end or older. The contract would make Nvidia Lambda's biggest customer.

Details about which chips would be leased have not been shared. According to Lambda's website, the AI cloud offers Nvidia's B200s, GH200s, H100s, H200s, A100s, RTX 6000 Ada, among others, and will soon have Nvidia's latest B300 and GB300 chips.

The GPUs will reportedly be used in-house by Nvidia. The chipmaker has previously signed a similar leasing deal with CoreWeave.

Last week, Lambda was said to have begun making preparations for an Initial Public Offering (IPO), planned for the first half of 2026. The San Francisco-based AI cloud reportedly hired Morgan Stanley, J.P. Morgan, and Citi to prepare for its IPO.

In February 2025, Lambda raised $480m in a Series D round, led by Andra Capital and SGW. That round valued the company at $2.5bn. According to The Information report, the AI cloud was also in talks with investors for a $500m round last month that would value Lambda between $4-5bn. In total, the company has raised $1.65bn in debt and equity financing to date, according to PitchBook.