Key Insights: NVIDIA weighs investing up to $10 billion as an anchor investor in Anthropic’s IPO. Anthropic wants to raise up to $100 billion through an IPO at a potential valuation of $2 tri
NVIDIA is considering investing up to $10 billion in Anthropic’s IPO, according to Reuters. The Claude developer seeks to raise as much as $100 billion at a valuation approaching $2 trillion. If those plans proceed, the offering could become the largest IPO in history.
According to a Reuters report, Anthropic has discussed bringing the chipmaker aboard as an anchor investor. The listing could conclude before November’s U.S. midterm elections, although the sources cautioned that plans could change. They requested anonymity because the discussions remain confidential.
Anthropic declined to comment on the talks, while the chipmaker did not immediately respond to Reuters. The potential investment would extend an existing relationship between the AI developer and one of its major computing suppliers. It would also follow Anthropic’s $65 billion fundraising round in May.
That earlier funding round valued Anthropic at $965 billion. The proposed IPO valuation would represent another increase within months. Reuters previously reported that the valuation partly depends on the company’s 2028 revenue projections.
Those projections place revenue between approximately $190 billion and $200 billion that year. Meanwhile, Anthropic said its annualized revenue run rate exceeded $65 billion by the end of July. That compares with roughly $9 billion at the end of 2025.
For the proposed listing, an anchor investor would commit to purchasing shares before broader marketing begins. Other large offerings have secured similar commitments, including ARM’s IPO, which had NVIDIA and Amazon as anchor investors. Saudi Arabia’s Public Investment Fund also participated as an anchor investor in SpaceX’s offering.
The latest discussions follow a November 2025 partnership that included a planned investment of up to $10 billion from NVIDIA. Under that arrangement, Anthropic committed to buying $30 billion in Microsoft Azure computing capacity powered by the chipmaker’s processors.
The company also relies on computing infrastructure from Amazon and Google, which hold investments in the business.
As Claude demand strains available capacity, Anthropic has pursued additional agreements across those suppliers. In April, it announced a commitment exceeding $100 billion over a decade to Amazon Web Services. That arrangement includes the use of more than 1 million Amazon Trainium 2 chips.
Separately, Anthropic agreed with Google and Broadcom to add multiple gigawatts of TPU capacity. It is also forming an internal team to design custom chips tailored to Claude. Through that effort, the company seeks greater control over hardware costs while expanding access to computing resources.
Anthropic’s proposed offering follows SpaceX’s June debut and other large U.S. listings this year. According to Dealogic, U.S. IPOs raised a record $137 billion through August, excluding special-purpose acquisition companies.
Anthropic’s fundraising target alone could reach $100 billion, although discussions continue.
Meanwhile, NVIDIA shares finished September 11 at $218.29, down by $0.07, or 0.03%, from the previous close. The stock approached $222 during morning trading before slipping below $220. Shares then traded mostly near $219 through midday, while an afternoon recovery toward $220 subsequently faded.
NVIDIA share price movement over the past 24 hours | Source: Google Finance The closing price left shares below their previous finish of $218.36. After hours, the stock fell another $0.03, or 0.01%, to $218.26 at 8:01 p.m.
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