Nvidia in talks to invest up to $10 billion in Anthropic IPO

SAN FRANCISCO: Nvidia is in talks to become an anchor investor in Anthropic’s planned initial public offering, potentially investing up to $10 billion, according to a Reuters report citing people familiar with the matter.

Anthropic is seeking to raise as much as $100 billion in what could become the largest IPO in history, with the offering potentially valuing the AI startup at around $2 trillion. Nvidia’s investment is still under discussion and the plans could change, the sources said.

Nvidia’s potential participation would give Anthropic a major strategic backer ahead of the listing while further strengthening ties between the chipmaker and one of its biggest customers. An anchor investment could also provide an early vote of confidence as public markets assess the huge valuations and capital requirements of leading AI companies.

Anchor investors typically commit to purchasing a portion of an IPO before shares are marketed more broadly. Such early institutional participation has become increasingly common in large listings seeking substantial amounts of capital.

The potential investment also highlights the increasingly intertwined relationships between AI model developers and the companies providing their computing infrastructure. Anthropic relies heavily on Nvidia GPUs while seeking to diversify its chip suppliers as demand for its Claude AI models increases.

Nvidia had said in November 2025 that it would invest up to $10 billion in Anthropic as part of a broader partnership. Under the arrangement, Anthropic committed to purchasing $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.

Anthropic’s other major backers include Amazon and Google, which also supply computing capacity to the AI company. In April, Anthropic said it would commit more than $100 billion over a decade to Amazon Web Services while using more than one million Amazon Trainium2 chips. It has also agreed with Google and Broadcom to add multiple gigawatts of TPU capacity.

As demand for Claude has driven a sharp increase in revenue, Anthropic has been seeking additional computing capacity and greater control over hardware costs. The company is also building an in-house chip design team to develop custom hardware for its AI models.

The planned listing is expected to be completed before the US midterm elections in November, according to the Reuters report. Anthropic raised $65 billion in May at a post-money valuation of $965 billion. Its annualised revenue run rate had risen above $65 billion by the end of July, compared with around $9 billion at the end of 2025, according to the company.

The potential $2 trillion valuation is partly based on projections of around $190-200 billion in revenue in 2028.

The proposed Anthropic listing comes amid a strong US IPO market, with blockbuster offerings including Elon Musk’s SpaceX debut in June. US IPOs, excluding special-purpose acquisition companies, raised a record $137 billion through August, according to Dealogic.