Lambda, the Superintelligence Cloud, closed its $926 million senior secured term loan B facility, first priced on Aug. 12, 2026, to fund the purchase and deployment of GPU infrastructure supporting a committed customer deployment with an investment-grade offtaker.
The facility was priced at SOFR + 3.00%, and issued at 99.5% of the principal amount. It matures Dec. 31, 2030, on a fully amortizing schedule aligned with the contracted cash flows and useful life of the underlying GPU infrastructure. It is secured by the GPU servers and related infrastructure funded through the transaction and the cash flows those assets generate.
As its backlog of multi-year customer contracts continues to grow, Lambda expects asset-backed financing to continue to be a source of funding for new GPU capacity, alongside its equity base.
“Closing this facility puts capital straight to work, funding infrastructure to which our customer is already committed,” Michel Combes, CEO of Lambda, said. “An investment-grade rating on a term loan B signals that AI infrastructure has arrived as an investable asset class, standing alongside other contracted, income-producing assets. We expect to return to this market as we scale.”
Morgan Stanley acted as lead left arranger, bookrunner and administrative agent on the facility. MUFG served as joint bookrunner. Citizens Bank, Crédit Agricole and Wells Fargo acted as documentation agents. Davis Polk & Wardwell served as legal counsel to Lambda, and Latham & Watkins served as legal counsel to Morgan Stanley and the arrangers.
