Nvidia is in Talks to anchor Anthropic's IPO with up to $10 billion, at a valuation that sources place as high as $2.3 trillion. Discussions remain under way and could still change before any
Nvidia is in Talks to anchor Anthropic's IPO with up to $10 billion, at a valuation that sources place as high as $2.3 trillion.
Discussions remain under way and could still change before any deal is finalized. The offering could raise up to $100 billion, ranking it among the largest IPOs in history.
For a $2.3 trillion valuation to make sense arithmetically, Anthropic would need to demonstrate a credible path to revenue at a scale that no frontier AI lab has yet shown in a public filing.
The Nvidia angle is not a fresh relationship. In November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership, under which Anthropic committed to purchase Nvidia computing capacity, a deal detailed by Bloomberg.
Moving into an anchor equity position would extend that commercial tie into public-market exposure, giving Nvidia a direct stake in one of its largest AI customers at listing. The distinction matters, a supply agreement generates disclosed revenue. An equity stake is a bet on future revenue that does not yet exist in any filing.
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Anchor investors like Nvidia typically commit capital before a public offering to signal confidence and stabilize demand at listing. A $10 billion commitment from a chipmaker whose hardware underpins Anthropic's model training would tie the two companies' fortunes together more tightly than their existing supply arrangement already does.
Nvidia in Talks to take that position is, in effect, a public-market extension of a customer relationship, and the valuation implied by that relationship is what investors will be asked to price.
Anthropic has not confirmed a listing date, and the $2.3 trillion figure cited across reports varies slightly, with some pegging the target closer to $2 trillion. The company's fundraising ambitions have accelerated sharply since its last private valuation rounds earlier in 2025, reflecting investor appetite for exposure to frontier AI labs competing with OpenAI.
Nvidia in Talks to anchor that raise signals strategic alignment, but anchor commitments are not the same as revenue, and the gap between the two is precisely what a prospectus will eventually have to close.
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