Nvidia is in talks to invest as much as $10 billion in Anthropic’s upcoming initial public offering, potentially becoming a major anchor investor in what could be the largest IPO in history, Reuters reported.
Anthropic is seeking to raise as much as $100 billion through the offering at a valuation of around $2 trillion, according to people familiar with the discussions. The plans remain under consideration and could still change.
The listing is expected to be completed before the U.S. midterm elections in November, setting the stage for one of the most closely watched tests yet of investor appetite for artificial intelligence companies carrying unprecedented valuations and capital requirements.
Nvidia Could Become a Key Anchor Investor
Nvidia’s potential commitment would give Anthropic one of the world’s largest technology companies as an anchor investor before the offering is marketed more broadly.
Anchor investors typically agree to purchase a significant portion of an IPO in advance, helping establish demand and providing other investors with an early vote of confidence.
For Anthropic, securing Nvidia could be particularly important given the extraordinary size of the planned offering.
A $100 billion raise would dwarf conventional technology IPOs and could surpass the record set by previous blockbuster listings. U.S. IPOs excluding SPACs had already raised a record $137 billion through the end of August, according to Dealogic data cited by Reuters.
The potential investment would also deepen the relationship between the two companies. Anthropic relies heavily on Nvidia GPUs to train and operate its Claude AI models, although the startup has been diversifying its computing infrastructure through relationships with other chip suppliers.
Nvidia previously said in November 2025 that it would invest up to $10 billion in Anthropic as part of a broader partnership. Anthropic, in turn, committed to purchase $30 billion of Microsoft Azure computing capacity powered by Nvidia hardware.
Anthropic Targets a $2 Trillion Valuation
Anthropic’s valuation has already risen at an extraordinary pace.
The company raised $65 billion in May at a $965 billion post-money valuation, according to Reuters. Its annualized revenue run rate surpassed $65 billion by the end of July, compared with approximately $9 billion at the end of 2025.
A $2 trillion IPO valuation would therefore represent another dramatic step higher in only a matter of months.
Investors are also looking far beyond Anthropic’s current revenue. The potential valuation partly depends on company projections showing annual revenue reaching roughly $190 billion to $200 billion by 2028, Reuters reported.
Anthropic has been spending aggressively to secure the enormous computing capacity required to support that growth. Amazon and Google are already major investors and infrastructure partners, while the company is also developing an internal team to design custom chips optimized for Claude.
Potentially the Largest IPO in History
The size of Anthropic’s proposed offering would make the listing a defining moment for the AI investment boom.
A successful IPO at around $2 trillion would demonstrate that public-market investors are prepared to assign some of the world’s highest corporate valuations to frontier AI developers despite their extraordinary infrastructure requirements.
Nvidia’s participation could strengthen that case.
As the dominant supplier of AI accelerators, Nvidia is simultaneously a critical infrastructure provider, strategic investor and beneficiary of the massive capital spending required by companies such as Anthropic.
If the negotiations result in a commitment approaching $10 billion, Nvidia would not simply be backing one of its largest customers. It would also be making one of the most significant strategic investments in what could become the biggest public offering ever attempted.
