Nvidia weighs $10 billion investment in Anthropic IPO

Nvidia is reportedly in discussions to become a major anchor investor in Anthropic’s planned initial public offering, potentially committing as much as $10 billion to a deal that could become one of the largest IPOs ever.

People familiar with the discussions told Reuters that Anthropic is seeking to raise as much as $100 billion through the offering, which could place the artificial intelligence company’s valuation at around $2 trillion.

The talks remain private and could change before any final agreement is reached. Neither Nvidia nor Anthropic has publicly confirmed the reported investment discussions.

If completed, Nvidia’s participation would further strengthen the relationship between the leading AI chipmaker and Anthropic, which has become one of Nvidia’s significant customers.

The investment would also give Anthropic a prominent strategic backer as it prepares to enter the public markets and would provide Nvidia with a direct financial interest in the AI company’s future growth.

Anthropic has rapidly established itself as one of the major players in generative AI, competing with companies such as OpenAI and Google in the development of advanced AI models.

The company’s valuation has surged alongside growing demand for artificial intelligence services and the computing infrastructure required to operate increasingly sophisticated models.

According to Reuters, Anthropic was valued at approximately $965 billion in May after completing a $65 billion fundraising round.

Its revenue has also expanded at a rapid pace, with its annualized revenue run rate increasing from roughly $9 billion in 2025 to more than $65 billion by the middle of 2026.

Anthropic has reportedly projected that its annualized revenue could reach as much as $200 billion by 2028 if the current growth trajectory continues.

To support that expansion, the company has been securing enormous amounts of computing capacity from major technology and cloud providers.

Anthropic recently committed $30 billion to Microsoft Azure infrastructure, which relies heavily on Nvidia chips, while also working with Amazon, Google and Broadcom to obtain additional computing resources.

At the same time, Anthropic is developing its own custom AI chips as it seeks to reduce the cost of running increasingly powerful models and become less dependent on external computing hardware.

Nvidia’s potential investment would deepen an already important commercial relationship between the two companies.

Nvidia GPUs remain among the most widely used processors for training and operating large AI systems, making access to advanced computing capacity a critical factor for companies such as Anthropic.

An anchor investment would allow Nvidia to benefit not only from Anthropic’s continued demand for its chips but also from the AI company’s potential increase in value following a public listing.

The discussions come as artificial intelligence companies continue to attract unprecedented levels of private investment and capital commitments.

Anthropic’s potential $100 billion fundraising target would be far larger than most conventional technology IPOs and could establish a new benchmark for the scale of public-market offerings in the AI sector.

The company is reportedly considering a public listing before the U.S. midterm elections in November, although the timing, valuation and size of the offering remain subject to change.

The proposed IPO would arrive during a strong period for U.S. stock-market listings, with companies raising about $137 billion through U.S. IPOs by August 2026, according to Reuters.

A successful Anthropic listing at a valuation approaching $2 trillion would provide investors with an important test of whether public markets are willing to support the enormous valuations and infrastructure costs associated with frontier AI.

It could also highlight the increasingly interconnected financial ecosystem linking AI developers, semiconductor manufacturers and cloud computing providers.