TLDR
- Nvidia is in talks to invest up to $10 billion in Anthropic’s planned IPO as an anchor investor
- Anthropic is targeting a raise of up to $100 billion at a valuation of around $2 trillion
- The IPO would be the largest in history if completed at the target valuation
- Nvidia already invested up to $10 billion in Anthropic in November 2025 as part of a broader partnership
- The listing is expected to complete before the U.S. midterm elections in November
Nvidia is in talks to take a major stake in Anthropic’s upcoming IPO, with the chipmaker considering an investment of up to $10 billion, Reuters reported Friday. Nvidia currently trades around $218.29, down 0.03% on the day.
Anthropic is looking to raise as much as $100 billion in what could become the largest IPO in history. The AI startup is targeting a valuation of roughly $2 trillion. The plans are still being negotiated and could change.
Anchor investors commit to buying a set portion of an IPO before it is marketed more broadly. This gives the offering an early vote of confidence. For a listing of this size, having a high-profile name like Nvidia on board could matter.
NVIDIA $NVDA IN TALKS TO INVEST UP TO $10B IN ANTHROPIC IPO
Nvidia is expected to anchor Anthropic’s planned IPO and is considering investing up to $10B in the offering, Reuters reports.
Anthropic is seeking to raise as much as $100B at a valuation of around $2T, which could… pic.twitter.com/UGqm1jHtnM
— Wall St Engine (@wallstengine) September 11, 2026
Nvidia and Anthropic already have deep financial ties. In November 2025, Nvidia announced it would invest up to $10 billion in Anthropic as part of a broader commercial partnership. That deal also included a commitment from Anthropic to purchase $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
Anthropic’s Rapid Revenue Growth
Anthropic’s annualized revenue run rate climbed above $65 billion by the end of July, up from roughly $9 billion at the end of 2025. That growth rate is part of what is driving the company’s push toward a public listing.
The company also raised $65 billion in May at a post-money valuation of $965 billion. A successful IPO at the $2 trillion target would represent a sharp jump from that figure in just a few months.
Anthropic counts Amazon and Google among its existing backers. Both companies are also major suppliers of its computing infrastructure. In April, Anthropic committed more than $100 billion over a decade to Amazon Web Services and plans to use more than one million of Amazon’s Trainium2 chips.
The company has also agreed with Google and Broadcom to add multiple gigawatts of TPU capacity as it works to keep pace with surging demand for Claude.
A Record IPO Market
The U.S. IPO market has already had a record year. Excluding special-purpose acquisition companies, U.S. IPOs raised $137 billion through the end of August, according to Dealogic.
Anthropic’s listing would come after SpaceX debuted in June, another blockbuster offering that helped push the market to those record levels.
The IPO is expected to complete before the U.S. midterm elections in November. Anthropic is also projecting revenues of roughly $190 billion to $200 billion in 2028, a figure that underpins the $2 trillion valuation target.
Anthropic has declined to comment. Nvidia did not immediately respond to a request for comment when contacted by Reuters.
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