Lambda borrows another $1 billion as GPU debt wins investment-grade ratings
Private GPU cloud Lambda closed a $1.008 billion fixed-rate loan rated by Moody's and DBRS, opening GPU-backed debt to insurance capital for the first time.
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Lambda announced on October 1 the closing of a $1.008 billion investment-grade senior secured delayed draw term loan at a 6.78% fixed rate, its second institutional credit facility.
The facility was oversubscribed and received a Baa1 rating from Moody's and an A (low) rating from Morningstar DBRS, and was marketed to insurance companies and fixed-income investors. Proceeds fund GPU infrastructure for three committed customer deployments, with repayment secured by contracted cash flows from two investment-grade offtakers; the loan matures May 30, 2033 and fully amortizes.
The delayed-draw structure releases capital only as clusters enter service, rather than upfront. It is Lambda's third new credit market in roughly 18 months, following a broadly syndicated loan that closed on August 27, 2026. The ratings attach to this secured facility, not to Lambda as a company, and details of the three customer deployments are not public.