Lambda’s secondary market valuation stands near $10.3 billion as of October 4, 2026, supported by Forge Global pricing at $56.32 per share. The primary near-term catalyst remains the $1.008 billion investment-grade term loan closed October 1 at a 6.78% fixed rate, secured by contracted GPU cash flows from investment-grade offtakers and carrying A (low)/Baa1 ratings. This facility expands access to institutional credit for committed AI infrastructure deployments amid sustained demand for GPU capacity. With resolution only 27 days away, further movement hinges on whether additional secondary trades, a crossover equity round, or S-1-related disclosures materialize before month-end. Historical precedent shows valuation jumps typically require priced equity events rather than debt alone, while broader AI infrastructure multiples remain sensitive to Treasury yields and sector sentiment.