Lambda's Backlog Jumped to $50B in Three Months, 70% Tied to Anthropic
FinanceYF5 · x · 2026-10-28
GPU cloud provider Lambda's pre-IPO backlog reportedly jumped from $15B to $50B in three months, with the extra $35B coming from a single Anthropic deal. The thread asks whether that concentration holds up: the orders are real and the buyer can afford them, but first deliveries arrive in 2027 while valuations have already priced them in. The author breaks the deal down into five questions (not investment advice).
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