Lambda has closed a $926 million senior secured term loan B facility, adding another large debt package to the capital stack behind AI cloud buildouts. The company said the financing will back GPU infrastructure for a committed investment-grade customer deployment.

The deal is notable because it uses an asset-backed structure tied to private cloud GPU capacity, rather than a conventional equity round. Lambda described it as its first large-scale private cloud GPU asset-backed special purpose vehicle financing and said it is the first broadly syndicated, investment-grade-rated term loan B completed by a private neocloud.

Moody's assigned the facility a Baa2 rating, according to Lambda's announcement. The loan priced at SOFR plus 3.00% and was issued at 99.5% of principal amount. Lambda also said the closing marks its second major debt financing this year, suggesting that committed customer contracts are becoming central to how GPU cloud providers fund new capacity.

TechCrunch reported the package as roughly $1 billion in private debt and said the chips are intended to be leased to Microsoft. Lambda's own post does not name the customer, so the narrower verified claim is that the facility funds GPU deployment for an investment-grade customer.

The financing underlines a shift in AI infrastructure economics. GPU cloud providers are still racing to secure Nvidia capacity, but the funding model increasingly depends on lenders accepting hardware-backed facilities supported by contracted demand.