Nvidia is in discussions to become a major anchor investor in Anthropic’s planned initial public offering, potentially committing up to $10 billion to the artificial intelligence company, according to people familiar with the matter cited by Reuters. Anthropic is seeking to raise as much as $100 billion in the proposed listing, which could value the Claude maker at around $2 trillion and potentially make it the largest IPO in history.
The discussions remain ongoing and could change, according to the sources, who requested anonymity because the negotiations are confidential. Neither Anthropic nor Nvidia immediately commented on the reported talks.
If completed, Nvidia’s participation would give Anthropic a powerful strategic investor at an important stage in its expansion, while further strengthening the relationship between one of the world’s leading AI model developers and its most important chip suppliers.
Nvidia could become key anchor investor
Anchor investors typically commit to purchasing a portion of an IPO before the offering is marketed more broadly to investors. Their involvement can provide an early indication of institutional confidence and help support large listings seeking to raise substantial amounts of capital.
For Anthropic, bringing Nvidia into the offering could be particularly significant given the scale of the proposed transaction.
The AI company is reportedly considering raising as much as $100 billion, potentially putting its valuation at approximately $2 trillion. Such a transaction would represent an extraordinary escalation from Anthropic’s previous private-market valuation and could test investor appetite for the enormous capital requirements and valuations associated with frontier AI companies.
Anthropic has already confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission, giving it the option to proceed with a public listing. The company said at the time that the eventual IPO would depend on market conditions and other factors, with the number of shares and offering price yet to be determined.
Deepening ties between Nvidia and Anthropic
The potential investment would further deepen an already substantial relationship between Nvidia and Anthropic.
Anthropic relies heavily on Nvidia’s GPUs to train and operate its Claude AI models, while Nvidia benefits from the enormous computing demand generated by frontier AI companies.
Nvidia has previously committed to investing up to $10 billion in Anthropic as part of a broader strategic partnership. Nvidia and Microsoft announced that commitment alongside an agreement under which Anthropic would expand its use of Microsoft’s Azure infrastructure powered by Nvidia systems.
A new investment linked specifically to Anthropic’s public listing would therefore extend a relationship that already combines capital, computing infrastructure and strategic cooperation.
The arrangement also highlights the increasingly interconnected nature of the AI industry, where chip manufacturers, cloud providers and model developers are simultaneously customers, suppliers, investors and strategic partners.
Anthropic races to secure more computing capacity
Anthropic’s rapid growth has created an enormous need for computing infrastructure.
The company already counts Amazon and Google among its major investors and computing partners. It has also been working to diversify the hardware supporting its AI models as demand for Claude increases.
Anthropic has committed substantial resources to Amazon Web Services and its AI accelerators, while also working with Google and Broadcom to expand access to TPU computing capacity.
The company is also developing greater control over its hardware requirements through an internal chip-design effort aimed at developing processors tailored to Claude workloads.
The strategy reflects a broader challenge facing frontier AI companies: as models become more capable and user demand increases, access to computing capacity can become one of the biggest constraints on growth.
Anthropic’s valuation has surged
The potential IPO would represent another dramatic increase in Anthropic’s valuation.
The company raised $65 billion in May 2026 at a post-money valuation of $965 billion, according to Reuters. Its annualised revenue run rate had subsequently risen above $65 billion by the end of July, compared with approximately $9 billion at the end of 2025.
The proposed valuation of around $2 trillion would therefore represent a major increase from the company’s most recent private valuation.
That valuation is partly dependent on expectations for extraordinary future growth. Reuters has reported that projections underlying the potential IPO include approximately $190 billion to $200 billion in revenue in 2028.
The scale of those expectations will likely become a central issue for investors if Anthropic proceeds with the offering.
IPO could become largest in history
Anthropic’s proposed offering comes during an exceptionally strong period for the U.S. IPO market.
U.S. IPOs excluding special-purpose acquisition companies raised a record $137 billion through the end of August, according to Dealogic. The market has also seen several major technology and technology-adjacent listings, including SpaceX’s debut earlier this year.
Anthropic’s potential $100 billion fundraising target would nevertheless dwarf most recent offerings.
The listing is expected to take place before the U.S. midterm elections in November, although the precise timing remains subject to market and regulatory considerations. Reuters has reported that the IPO timeline has shifted, with the company continuing preparations for what could become a landmark transaction.
If Anthropic ultimately raises anything close to the reported amount, the transaction could become a defining event for the public-market financing of AI companies.
Nvidia’s role highlights AI industry’s unusual financial structure
The possibility of Nvidia becoming an anchor investor also illustrates how unusual the financial structure of the AI industry has become.
Nvidia supplies the computing hardware required by companies such as Anthropic, while simultaneously investing in some of those companies. Cloud providers such as Amazon and Microsoft provide computing infrastructure and also maintain strategic relationships with AI developers.
For Nvidia, investing in Anthropic can potentially strengthen its relationship with a major source of future GPU demand. For Anthropic, having Nvidia as an investor could provide both financial backing and a deeper strategic relationship with a critical infrastructure supplier.
At the same time, Anthropic is seeking to diversify its computing ecosystem, including through partnerships involving Amazon’s Trainium chips and Google’s TPUs.
The result is an increasingly complex AI ecosystem in which companies are competing with one another in some areas while simultaneously depending on one another in others.
Investors face a major test
A potential $2 trillion valuation would put Anthropic among the world’s most valuable technology companies even before its public-market debut.
That creates both an opportunity and a significant test.
Investors will need to assess whether the company’s rapidly growing revenue can justify the enormous capital requirements associated with developing and operating increasingly sophisticated AI models. They will also have to consider the cost of computing, competition from OpenAI, Google, Meta and other AI developers, and the possibility that AI infrastructure economics could change rapidly.
For Anthropic, a successful listing could provide access to enormous amounts of capital needed to fund computing infrastructure, research, talent and product development.
For Nvidia, an anchor investment could provide another way to participate in the growth of the AI model ecosystem beyond simply selling the chips that power it.
If the talks result in a formal commitment, Nvidia’s involvement could become one of the most closely watched elements of Anthropic’s eventual IPO, particularly as investors assess whether the AI industry’s extraordinary private-market valuations can successfully transition into the public markets.
Disclaimer: This report has been editorially prepared using publicly available information and official company disclosures. Readers are advised to refer to official company announcements/disclosures for further details.
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