Nvidia-Backed Cloud Provider Lambda Hires Banks for IPO

Lambda, a cloud provider that rents out Nvidia graphics chips for artificial intelligence, has hired investment banks to prepare for an initial public offering in the U.S., according to people with direct knowledge of the talks.

The San Jose, Calif.-based startup has hired Morgan Stanley, J.P. Morgan and Citi to prepare for a listing as soon as the first half of next year, the people said. The 13-year-old company is trying to follow the successful listing of a far bigger rival, CoreWeave. Lambda’s plans follow a near doubling of its cloud revenue in the first half, previously unreported figures show.