Nvidia is in talks to invest up to $10 billion as an anchor investor in Anthropic’s planned initial public offering, according to Reuters. The Claude developer is seeking to raise as much as $100 billion at a valuation of approximately $2 trillion, which would make it the largest IPO in history if completed at that target. The listing is expected to close before the U.S. midterm elections in November, though the sources cautioned that negotiations remain fluid and the terms could still change.
Nvidia already has deep financial ties with Anthropic. In November 2025, the chipmaker announced it would invest up to $10 billion in the AI startup as part of a broader commercial partnership. That arrangement included Anthropic's commitment to purchase $30 billion of Microsoft Azure computing capacity powered by Nvidia chips. Anthropic also counts Amazon and Google among its existing backers, both of which are major suppliers of its computing infrastructure.
Anthropic's growth has been rapid. Its annualized revenue run rate climbed above $65 billion by the end of July, up from roughly $9 billion at the end of 2025. In May, the company raised $65 billion at a post-money valuation of $965 billion, meaning a successful IPO at $2 trillion would represent a sharp jump within months. Anthropic is projecting revenues of roughly $190 billion to $200 billion in 2028, a forecast that underpins the target valuation.
The AI company has expanded its computing agreements as demand for Claude strains available capacity. In April, Anthropic committed more than $100 billion over a decade to Amazon Web Services, including plans to use more than one million Amazon Trainium2 chips. It has separately agreed with Google and Broadcom to add multiple gigawatts of TPU capacity, and it is forming an internal team to design custom chips tailored to Claude.
Nvidia shares finished September 11 at $218.29, down $0.07, or 0.03%, from the previous close. The stock approached $222 in morning trading before slipping below $220, then traded mostly near $219 through midday. Anthropic declined to comment, while Nvidia did not immediately respond to Reuters' request for comment.
The prospective offering follows SpaceX's June debut and a record year for U.S. IPOs. Excluding special-purpose acquisition companies, U.S. IPOs raised $137 billion through the end of August, according to Dealogic. Anchoring commitments have become a feature of large listings: ARM’s IPO had Nvidia and Amazon as anchor investors, and Saudi Arabia’s Public Investment Fund participated as an anchor investor in SpaceX’s offering.
