Nvidia is reportedly in talks to become an anchor investor in Anthropic’s planned initial public offering, with the chipmaker considering an investment of up to $10 billion, according to a Reuters report. Anthropic is seeking to raise as much as $100 billion in an IPO that could value the artificial intelligence company at approximately $2 trillion.
If completed on those terms, the offering could become the largest IPO in history. The plans remain under discussion and could change, according to people familiar with the matter cited by Reuters.
Nvidia’s potential participation would give Anthropic a major strategic anchor investor ahead of the broader marketing of the offering. Anchor investors typically agree to purchase a substantial portion of an IPO before it is offered more widely to institutional investors.
The investment would also deepen an existing relationship between Nvidia and Anthropic. Anthropic depends heavily on Nvidia GPUs to train and operate its Claude AI models, although the company has simultaneously been working to diversify its semiconductor suppliers and develop greater control over its infrastructure costs.
In November 2025, Nvidia announced plans to invest up to $10 billion in Anthropic as part of a broader strategic relationship. Under that arrangement, Anthropic committed to purchase $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
Anthropic also has major infrastructure relationships with Amazon and Google. The company said in April that it plans to commit more than $100 billion over a decade to Amazon Web Services while utilizing more than one million Amazon Trainium2 chips. Anthropic has separately agreed with Google and Broadcom to add multiple gigawatts of TPU computing capacity.
The company has been aggressively expanding its access to computing infrastructure as demand for Claude has increased. Anthropic is also developing an internal chip-design team focused on creating custom semiconductors optimized for its AI models.
Anthropic raised $65 billion in May 2026 at a post-money valuation of $965 billion. A potential $2 trillion IPO valuation would therefore represent another major increase in the company’s valuation within only a few months.
The company’s annualized revenue run rate surpassed $65 billion by the end of July, up sharply from approximately $9 billion at the end of 2025. The potential IPO valuation is also supported in part by company projections calling for approximately $190 billion to $200 billion of revenue in 2028.
Anthropic’s prospective offering is expected to be completed before the U.S. midterm elections in November, according to Reuters. The IPO would follow a series of major technology listings that have helped drive a record year for the U.S. IPO market.
U.S. IPOs excluding special-purpose acquisition companies had raised approximately $137 billion through the end of August, according to Dealogic data cited by Reuters.
The potential Nvidia investment also highlights the increasingly intertwined financial relationships among AI model developers, semiconductor companies and cloud infrastructure providers. Anthropic’s investors include several of the same technology companies supplying the enormous amounts of computing capacity required to develop and operate its models.
