Nvidia weighs Anthropic IPO investment of up to $10 billion as the Claude developer prepares what could become the largest public offering on record. Reuters reports that Anthropic is discussing an anchor role with the chipmaker while seeking as much as $100 billion at a valuation near $2 trillion.

 

The talks are confidential, unfinished and subject to change. Neither company has announced a commitment: Anthropic declined to comment to Reuters, while Nvidia did not immediately respond. The new information is the possible IPO anchor position, distinct from Nvidia’s existing private investment and compute partnership with Anthropic.

 

The reported discussions contain four provisional figures:

  • Up to $10 billion from Nvidia
  • As much as $100 billion raised by Anthropic
  • A valuation of roughly $2 trillion
  • A possible completion before the November midterms

 

Nvidia Weighs Anthropic IPO Investment as an Anchor

Reuters reported on September 11, citing two people familiar with the matter, that Anthropic is in talks to bring Nvidia into the offering as an anchor investor. One source said Nvidia is considering a commitment of as much as $10 billion.

 

An anchor investor agrees before an IPO is marketed broadly to buy a specified portion at the offering price. Its participation can signal confidence to other institutions and reduce uncertainty around demand, although it does not guarantee the shares will perform after listing.

 

For an offering this large, a $10 billion order would still cover only a tenth of the reported maximum raise. Anthropic would need a much wider group of investors to reach $100 billion, and final demand, valuation, timing and deal size could all move during marketing.

 

Anthropic’s $965 Billion Private Valuation Sets the Baseline

Anthropic’s latest confirmed financing provides the clearest public reference point. In its May 28 Series H announcement, the company said it raised $65 billion at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.

 

That round more than doubled the capital base available for expanding Claude, safety research and computing capacity. Anthropic said its annualized revenue run rate had crossed $47 billion earlier in May; Reuters reports that the figure exceeded $65 billion by the end of July.

 

A $2 trillion IPO valuation would represent slightly more than twice the May private valuation. It would also require public investors to accept years of heavy infrastructure spending alongside rapid revenue growth, making the listing a direct test of how markets price frontier-model economics.

 

Reuters says the company’s internal projections call for roughly $190 billion to $200 billion of revenue in 2028. Forecasts are not realized sales, however, and prospective investors will need the public prospectus to assess costs, customer concentration, risk factors and the assumptions supporting that trajectory.

 

The Existing Nvidia-Anthropic Relationship

Nvidia and Anthropic are not starting from zero. In November 2025, Nvidia said it could invest up to $10 billion as part of a broader partnership in which Anthropic committed to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia systems.

 

The reported IPO commitment would be separate. It would deepen a circular commercial relationship in which Nvidia supplies accelerators to a major model developer, benefits from that customer’s compute expansion and may also own a larger financial stake in the company consuming its hardware.

 

Anthropic has simultaneously diversified beyond Nvidia. Reuters notes its agreements with Amazon, Google and Broadcom, including an April commitment to spend more than $100 billion on AWS over a decade and use over one million Trainium2 chips. The company is also building an internal custom-chip team.

 

That diversification limits reliance on any single supplier, but it does not remove Nvidia from the center of Anthropic’s near-term expansion. An anchor order would reinforce Nvidia’s role as both infrastructure vendor and capital provider while Anthropic pursues enough capacity to serve rising Claude demand.

 

A Record Offering Would Test AI Market Appetite

Anthropic is reportedly aiming to complete the listing before the United States midterm elections in November. That timetable remains tentative, and a transaction of this scale would depend on regulatory review, audited disclosures, investor meetings and market conditions that can change quickly.

 

U.S. IPOs excluding special-purpose acquisition companies had raised a record $137 billion through August, according to Dealogic data cited by Reuters. A $100 billion Anthropic sale would approach that market-wide total by itself and could reshape expectations for other private AI companies considering public listings.

 

The prospectus will be more consequential than the headline valuation. It should reveal how much cash Anthropic consumes, the durability of enterprise and consumer revenue, contractual compute obligations, governance arrangements and exposure to model-safety, copyright and regulatory disputes.

 

Until formal documents or company announcements appear, the reported numbers should be read as negotiating parameters rather than completed terms. Nvidia’s participation would offer an important early endorsement, but the IPO’s final structure—and whether it reaches the extraordinary size now discussed—remains unresolved.

 

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