I believe this is an Akanthomyces species. They are Cordyceps anamorphs, and there are a couple of species that occur on Lepidoptera (adults and larvae). They tend to be pale and a bit lovely.
Created: 2008-07-24 09:18:34
By: Karl Soop (karlsoop)
Summary: Cordyceps or Isaria
This is the anamorph of a Cordyceps, formally assigned to the genus Isaria. (Perhaps Isaria sinclairii ?)
Fantastic picture!
Karl