Crusoe and Lambda are preparing for a new stage of growth

Crusoe and Lambda are Raison portfolio companies that we mentioned in the context of the second wave of AI investments. While the largest AI labs are growing and preparing for IPOs, the infrastructure needed for their operations is expanding alongside data centers, GPU capacity, and energy.

News from the past three weeks confirms this. Crusoe closed a new round at a valuation three times higher than last year’s. Lambda is in talks about its next round and is preparing to go public.

Lambda: growth amid demand for computing capacity

On August 31, Lambda signed an agreement with Anthropic worth $35 billion. The company will provide Claude’s creators with cloud computing capacity in the data center that Hut 8 is building in Texas. For Lambda, this became one of the largest publicly known agreements with an AI lab.

According to Bloomberg, Lambda is already in talks to raise a new round of financing of up to $3 billion. The company has received several preliminary deal terms, and potential investors are discussing a valuation of $12 billion and above. This round could become a preparatory step toward a public listing in 2027.

The discussed $12 billion valuation shows significant growth compared with previous rounds. In February 2025, Lambda raised $480 million in Series D at a valuation of about $2.5 billion. In November of the same year, the company closed Series E of more than $1.5 billion, led by TWG Global. Lambda’s revenue is expected to exceed $1.5 billion in 2026.

Raison invested in Lambda in January 2025, before the Series D round and the current IPO discussions.

Crusoe: valuation has nearly tripled

According to Bloomberg, in early September, Crusoe closed a new round of more than $3 billion at a valuation of about $30 billion. In October 2025, Crusoe raised $1.38 billion in Series E at a valuation of more than $10 billion. In just ten months, the company’s valuation has nearly tripled.

Crusoe works with the biggest names in the AI market: its clients include OpenAI, Microsoft, Meta, and Oracle. In September, it became known that Jane Street had joined them: the trading firm signed a five-year contract with Crusoe worth about $13 billion. Crusoe will provide it with GPU clusters and infrastructure for training and running AI models.

At the same time, Crusoe is in talks about a possible IPO: according to Axios, in August the company met with investment bankers, including Goldman Sachs and Morgan Stanley.

What lies behind the rise in valuations

The growth of Crusoe and Lambda reflects a single trend: the AI infrastructure market is expanding rapidly and keeping pace with labs and rising demand for computing capacity.

SpaceX has already gone public together with xAI, which the company acquired in February 2026. Anthropic filed a confidential IPO filing in June 2026 and may go public as early as October. Against this backdrop, investor interest is also growing in companies that provide AI labs with the resources they need.

Crusoe and Lambda are infrastructure companies, and they play a role in the cycle of capital movement within the AI industry. The diagram below shows the full process.

How capital moves within the AI industry

External investors include hyperscalers (the largest cloud providers), chip manufacturers, and venture funds. They allocate capital among labs, neoclouds (specialized cloud providers for high AI workloads), and AI processor developers.

Previously, most investment went to labs. However, now that they are generating their own revenue, investors are increasingly directing capital toward computing capacity.

Financing also takes place within the AI industry itself. The second wave of investment comes from the labs: they direct part of the capital they raise and their growing revenue toward the computing capacity of neoclouds such as Crusoe and Lambda and toward the development of specialized chips. Anthropic began doing this in 2026.

Neoclouds also need hardware solutions: they, too, pay chip developers for equipment, launching a third wave of internal investment.

Crusoe and Lambda are clear examples of the second wave in this scheme, and demand from labs such as Anthropic directly affects their valuation growth.

We will continue to follow how both companies move through this stage, including the financing rounds under discussion and possible IPOs.

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