Nvidia is reportedly in discussions to become an anchor investor in Anthropic’s planned initial public offering, with the AI chip giant potentially committing up to $10 billion to what could become the largest IPO in history.
Anthropic is seeking to raise as much as $100 billion at a valuation of approximately $2 trillion, Reuters reported, citing people familiar with the negotiations. The terms remain under discussion and could still change before the offering moves forward.
A major Nvidia investment would strengthen its relationship with Anthropic, one of the leading customers for advanced AI computing infrastructure. Securing Nvidia as an anchor investor could also help Anthropic assess market demand for the lofty valuations and enormous capital requirements associated with frontier artificial intelligence companies.
Neither company has confirmed the talks. Anthropic declined to comment, while Nvidia did not immediately respond to a request for comment.
The companies already have significant financial and commercial ties. In November 2025, Nvidia announced plans to invest up to $10 billion in Anthropic as part of a broader partnership. The agreement also included Anthropic's commitment to purchase $30 billion in Microsoft Azure computing capacity powered by Nvidia chips.
Anthropic, developer of the Claude AI models, also has close relationships with Amazon and Alphabet's Google. In April, the company committed more than $100 billion over 10 years to Amazon Web Services and plans to deploy over one million Amazon Trainium2 chips. Anthropic has separately agreed with Google and Broadcom to add multiple gigawatts of TPU computing capacity.
The AI startup raised $65 billion in May at a post-money valuation of $965 billion. Its annualized revenue run rate reportedly exceeded $65 billion by the end of July, compared with roughly $9 billion at the end of 2025.
Anthropic's IPO is expected to take place before the U.S. midterm elections in November. The potential blockbuster listing comes amid a strong U.S. IPO market, with non-SPAC offerings raising a record $137 billion through August, according to Dealogic.


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