Lambda Labs Secondary Shares Climb 12% in the Last 90 Days With IPO Speculation Building

Weekly Edition & Stock Spotlight

February 12, 2026

PM Insights provides independent, market-driven data for Private Growth and Pre-IPO companies, providing unparalleled transparency and helping asset managers, banks, consultants, investors, and regulators understand trading conditions and risk in this dynamic market.

This report examines Lambda Labs' position in the AI infrastructure and accelerated computing market, highlighting revenue growth, expanding GPU cloud capacity, and rising demand from AI-native enterprises and research-driven customers. Supported by sustained demand for high-performance GPU clusters, a vertically integrated model spanning hardware procurement, cloud infrastructure, and managed services, and deep alignment with frontier AI workloads, Lambda Labs is scaling beyond a niche infrastructure provider.

Market speculation around a potential 2026 IPO underscores the company’s growing scale, operational maturity, and relevance within the broader AI compute ecosystem. Together, these dynamics strengthen Lambda Labs’ competitive positioning, support operating leverage as utilization scales, and expand its long-term opportunity across AI cloud, enterprise infrastructure, and next-generation compute services.

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Key Takeaways‍

90-Day Stock Performance: Lambda Labs ranked 6^th among the ten most active private-market companies and delivered positive returns over the past 90 days‍
ROI Momentum: Lambda Labs delivered strong gains of 90.21%, 12.90%, and 2.98% over the past 180 days, 90 days, and 30 days respectively‍
Peak Bid-Ask Volume: Lambda Labs' bid-ask volume peaked at $‍344.20 million in 2025 Q4‍
Composite Price Movement: Lambda Labs’ composite price increased 12.90%, from $47.62 to $53.76

ROI Private & Public

|| ROI from February 09, 2025 until February 09, 2026.

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_{The PM50 Growth tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.}

_{This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.}

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Most Active Names Performance Across All Sectors

Data as of February 09, 2026.

90D Return △ - Trend of return on composite price

90D % △ - Change in composite price in terms of percentage

Secondary Mkt Val - Secondary market valuation based on composite price

90D Secondary Mkt Val △ - Change in secondary market valuation

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_{Price (USD) estimated based on secondary market activity observed by PM Insights. Valuation is estimated based on said price and share count from state filings and/or news in the public domain. Note that share count in calculations may change as new filing documents are obtained.}

Stock Spotlight - Lambda Labs

Sectors

Cloud & Infra Hardware AI

Headquarters

San Jose, California, USA

CEO

Stephen Balaban

“Infrastructure wins the race”

Lambda Labs is a leading cloud infrastructure provider focused on democratizing access to GPU computing power for artificial intelligence development. Founded in 2013 with early success in facial recognition APIs, the company has pivoted to become a primary supplier of on-demand cloud GPUs and enterprise-grade AI compute infrastructure. Positioned as "The Superintelligence Cloud," Lambda Labs operates during a critical period of GPU scarcity that has emerged alongside explosive demand for large-scale AI model training and inference, making cost-effective access to computational resources a strategic necessity for developers and enterprises building AI applications.

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Business Model

Lambda Labs purchases NVIDIA GPUs and leases computing power to customers on an hourly, on-demand basis.

The company generates revenue through cloud GPU rentals across multiple configurations. Options range from individual GPU instances to production-scale "1-Click Clusters" and custom superclusters powered by NVIDIA H100 and B200 chips.

Lambda Labs also offers on-premises hardware. Organizations can run compute-intensive workloads locally using dedicated AI workstations and servers instead of cloud infrastructure.

The business model depends on high GPU utilization rates. Customers pay hourly rates from $0.75 for older GPUs to $2.99 per hour for H100 SXM instances. These rates must exceed upfront hardware costs plus operational expenses like electricity, cooling, and staff support.

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Scale and Growth

Revenue Growth: $520 million annual revenue in 2025, up from $425 million in 2024
Cloud GPU Momentum: Cloud GPU rentals nearly doubled year-over-year in the first half of 2025 and now constitute the majority of revenue
Profitability Trajectory: Gross margins at approximately 50% overall, or 61% excluding non-cloud products, with net losses narrowing at scale
Competitive Pricing: NVIDIA H100 PCIe instances priced at $2.49 per hour versus $4.25 at CoreWeave
Strategic Scale: Multibillion-dollar Microsoft partnership in November 2025 to deploy tens of thousands of NVIDIA chips
Supply Advantage: Strong NVIDIA relationships providing preferential access to chip supply in constrained GPU market
Customer Diversity: Serves developers, AI startups, and enterprises across technology, research institutions, and defense sectors

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Competitive Edge

The AI GPU cloud landscape splits between specialized GPU providers and broad hyperscale platforms:

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Specialized GPU Providers: Lambda Labs, CoreWeave, and RunPod offer optimized, on-demand GPUs for AI workloads
Comprehensive Cloud Platforms: AWS, Azure, and GCP provide GPUs within full cloud and enterprise ecosystems‍
Competitive Differentiation: Specialists compete on availability, pricing ($2.49–$4.25 per H100 hour), and AI-native features; hyperscalers compete on integration and scale‍
Hybrid Positioning: Lambda Labs blends GPU specialization with workflow tools like 1-Click Clusters and Lambda Stack‍
Investor Implications: Specialists lead on performance and cost efficiency; hyperscalers on lock-in and cross-service adoption

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Targeted Impact

Lambda Labs democratizes AI by making compute accessible, enabling anyone to build and deploy advanced models at scale.

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What Comes Next?

Lambda Labs is enhancing its GPU cloud services using unique technology to rival hyperscalers during the AI surge.

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Who will benefit?

Lambda Labs' GPU cloud solutions benefit AI developers, machine learning teams, research institutions, enterprises, and universities.

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Lambda Lab's Timeline

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Bull and Bear Case

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Prominent News

Lambda in talks to raise $350m in pre-IPO funding, January 09, 2026 - AI cloud provider Lambda is in advanced discussions to secure a $350 million pre-IPO funding round led by Mubadala Capital as it positions for a potential IPO in the second half of 2026. Click here to read more.

AI cloud firm Lambda raises $1.5 billion, November 18, 2025 - AI cloud provider Lambda has raised more than $1.5 billion in a Series E funding round led by TWG Global to accelerate the build-out of its large-scale AI infrastructure and data centers. Click here to read more.

Prime Data Centers and Lambda Partner to Power the Next Era of Superintelligence with AI-Optimized Infrastructure in Southern California, November 13, 2025 - Prime Data Centers and Lambda have formed a strategic partnership to deploy high-density NVIDIA-powered AI infrastructure at Prime’s LAX01 data center in Southern California, enabling enterprises and research teams to train and deploy large-scale AI models more efficiently. Click here to read more.‍

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Revenue

The graph below displays the revenue and revenue growth of Lambda Labs from 2022 to 2025.

Lambda Labs' revenue increased 22.35% year-over-year to $520 million in 2025

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Return on Investment (ROI)

The graph below displays Lambda Labs' ROI over the past 90, 60, and 30 days, computed as of February 09, 2026.

180D: ↑ +90.21% since August 14, 2025
90D: ↑ +12.90% since November 12, 2025‍
30D: ↑ +2.98% since January 11, 2026

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Funding Round in USD

Primary Funding Round: Lambda Labs raised $1.5 billion in Series E-3 on November 14, 2025
Investors: Series E-3 saw participation from TWG Global and US Innovative Technology‍
Secondary Market Valuation: $11.46 billion on February 09, 2026, according to PM Insights

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Primary Round Valuation

2025-11-14
$6.88B

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Secondary Market Valuation

2026-01-26
$11.46B

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Valuation Change

primary → secondary
+66.58%

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Quarterly Bid-to-Ask Volume Ratio

PM Insights presents the quarterly bid-to-ask volume ratio of Lambda Labs from 2024 Q1 to 2026 QTD. The stacked bar chart below shows total quarterly bid and ask volumes alongside their relative ratios, illustrating market activity.

Highest volume: $344.20 million in 2025 Q4
Lowest volume and Largest ask-side activity : 100% of $500 thousand in‍ 2024 Q1‍
Largest bid-side activity: 59% of $314.90 million in 2025 Q3

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Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on each respective date. The graph below illustrates the trend in volatility of composite price for Lambda Labs for a one year period from February 10, 2025 until February 09, 2026.

Volatility started at 16.71% at the beginning of the period and quickly rose to 23.88%
It then dipped to 18.58% in May before rising again to 28.52% in June
Volatility continued to increase, reaching a peak of 34.01% in mid-September
After this peak, volatility declined steadily, hitting a low of 11.04% in early January, before settling at 13.04% as of February 09, 2026

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Lambda Lab's Private Comparables

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PM Insights highlights four private companies, all active as of January 26, 2026, that are close competitors of Lambda Labs. These companies either offer end-to-end AI infrastructure platforms or focus on specialized compute, training, inference, and energy-optimized data center services.

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Change in Valuation

PM Insights uses composite prices based on institutional-sized broker contributions within the last 90 days to compute implied valuations. The current implied valuations reported below were computed as of January 19, 2026, and are compared to each company's latest funding round valuation and valuation on December 31, 2025:

Together AI's current implied valuation is $5.61B, a 70.13% increase from its latest valuation of $3.3B. Together AI's implied valuation was $5.72B on December 31, 2025.
Lambda Labs' current implied valuation is $11.46B, a 66.58% increase from its latest valuation of $6.88B. Lambda Labs's implied valuation was $10.9B on December 31, 2025.
Crusoe Energy's current implied valuation is $14.42B, a 44.22% increase from its latest valuation of $10.0B. Crusoe Energy's implied valuation was $13.5B on December 31, 2025.
Baseten's current implied valuation is $4.66B, a 6.74% decrease from its latest valuation of $5.0B. Baseten's implied valuation was $2.76B on December 31, 2025.

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90D Bid and Ask Volume Ratio

The stacked bar chart below illustrates the bid and ask volume ratios for the period from November 12, 2025, to February 09, 2026, showing only companies with at least 3 contributions.

Highest volume: Crusoe Energy, $771.60 million‍
Lowest volume and Highest bid-side activity: Fal, 100% of $3 million
Highest ask-side activity: Together AI, 89% of $180.50 million‍
Lambda Labs: $406.20 million

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Change in Composite Price

The bar chart below illustrates the 90-day change in composite prices for the period from November 12, 2025, to February 09, 2026. Baseten and Fal is missing from the chart because their composite price was unavailable on November 12, 2025.

Strongest gain: Together AI's composite price was up 28.65% from $128.84 to $165.75
Lowest gain: Crusoe Energy's composite price was up +3.54% from $117.01 to $121.15
Lambda Labs also posted notable growth, with its composite price climbing 12.90%, from $47.62 to $53.76

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YTD Average Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on that date. The bar chart below displays the mean volatility from January 1, 2026 until January 26, 2026.