Funding round
Lambda Series D
Lambda, which works in AI infrastructure hardware manufacturing in San Jose, raised $480M in a Series D round announced on 19 Feb 2025, led by Andra Capital and SGW, at a $2.50B post-money valuation. 16 firms took part. It is Lambda's fifth venture round on record; the one before was a Growth in Apr 2024.
$480M
Amount raised
$2.50B
Post-money valuation
$2.02B pre-money
16
Investors
2 leads
1.7x
Step-up from the Series C
$1.50B in Feb 2024
19%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Lambda at $2.50B after the new money, 1.7 times the $1.50B of its Series C (Feb 2024). The $480M bought investors about 19% of the company. It came 10 months after Lambda's Growth. It is 17% of the $2.80B Lambda has raised in the venture rounds on record. Lambda raised again 9 months later: a Series E round of $1.50B in Nov 2025.
Lambda's funding rounds
Lambda has 6 venture rounds on record and 2 other deals. This one is highlighted.
- Seed 20 Dec 2017 $4.0M
- Series B 1 Nov 2022 amount not disclosed
- Series C 15 Feb 2024, led by United States Innovative Technology $320M$1.50B post-money
- Growth 4 Apr 2024, led by Macquarie $500M
- Series D this round 19 Feb 2025, led by Andra Capital and SGW $480M$2.50B post-money
- Debt not a venture round 20 Aug 2025, led by J.P. Morgan $275M
- Series E 18 Nov 2025, led by TWG Global $1.50B
- Debt not a venture round 12 Aug 2026, led by Morgan Stanley $926M
Investors
Who put money in
Andra Capital and SGW led the round with 14 other firms.
Lead investors
- backs 2 venture-backed companies new investor
- SGW new investor
Also in the round
- Nvidia new investor
- ARK Invest backs 29 venture-backed companies new investor
- G Squared backs 40 venture-backed companies new investor
- Super Micro new investor
- Andrej Karpathy new investor
- Fincadia Advisors new investor
- In-Q-Tel backs 97 venture-backed companies new investor
- KHK & Partners new investor
- Pegatron new investor
- Wistron new investor
- Wiwynn new investor
- backs 22 venture-backed companies new investor
- backs 9 venture-backed companies new investor
- backs 20 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
104 Series D rounds in Tech Companies within a year either side disclosed an amount; the median was $100M, and this round was 4.8 times the median. The closest in time, other companies' Series D rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Harvey Tech Companies | 12 Feb 2025 | $300M | $3.00B | Sequoia Capital |
| Abridge Tech Companies | 17 Feb 2025 | $250M | $2.75B | Elad Gil and Institutional Venture Partners |
| Tech Companies | 6 Feb 2025 | $45M | not disclosed | Updata Partners |
| Fleetio Tech Companies | 25 Mar 2025 | $450M | $1.50B | Elephant and Goldman Sachs Alternatives |
| Synthesia Tech Companies | 14 Jan 2025 | $180M | $2.10B | New Enterprise Associates |
| Tech Companies | 17 Jan 2025 | $100M | $1.24B | Qatar Investment Authority |
| Tech Companies | 16 Jan 2025 | $90M | not disclosed | Point72 Ventures and Point72 |
| Tech Companies | 1 Mar 2025 | $70M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Lambda raise in its Series D round?
Lambda raised $480M in its Series D round, announced in Feb 2025.
Who led Lambda's Series D round?
Andra Capital and SGW led it, with Nvidia, ARK Invest, G Squared, Super Micro and Andrej Karpathy and 9 more.
What was Lambda's valuation at the Series D round?
$2.50B post-money ($2.02B pre-money).
How does it compare with other Series D rounds in Tech Companies?
104 Series D rounds in Tech Companies within a year either side disclosed an amount; the median was $100M, and this round was 4.8 times the median.
Did Lambda raise again after this round?
Yes: a Series E round in Nov 2025 of $1.50B.