Nvidia is reportedly in talks to become a major anchor investor in Anthropic’s potential initial public offering (IPO), with the chipmaker considering an investment of up to $10 billion. According to a Reuters report, Anthropic could seek to raise as much as $100 billion in the offering, potentially giving the artificial intelligence company a valuation of around $2 trillion.

The discussions highlight how quickly the financial scale of leading AI companies is expanding. If completed on the reported terms, Anthropic’s IPO could become one of the largest public offerings ever and would give Nvidia an even deeper financial relationship with one of the most important users of its AI chips.

However, the reported investment is not yet a finalized transaction. Reuters reported that the discussions remain ongoing and could change. Anthropic has not publicly confirmed the IPO terms, while Nvidia had not immediately responded to Reuters’ request for comment.

Nvidia Could Become an Anchor Investor in Anthropic’s IPO

Reuters reported on September 11 that Anthropic is discussing bringing Nvidia into its planned IPO as an anchor investor. People familiar with the discussions said Nvidia is considering investing as much as $10 billion.

An anchor investor typically commits to purchasing a significant portion of shares around an IPO, providing an early signal of institutional confidence. For a company seeking to raise tens of billions of dollars, having a major technology company such as Nvidia involved could help strengthen investor interest.

The potential investment is particularly notable because Nvidia and Anthropic already have significant commercial ties. Anthropic depends heavily on advanced computing infrastructure to train and operate its Claude AI models, while Nvidia remains one of the industry's leading suppliers of AI accelerators.

Anthropic Could Target a $100 Billion IPO

The reported size of Anthropic’s potential offering is what makes the story especially significant.

According to Reuters, Anthropic is seeking to raise as much as $100 billion, potentially valuing the company at approximately $2 trillion. Those figures are not final and could change as the company moves closer to an eventual listing.

A $100 billion capital raise would represent an extraordinary milestone for the U.S. IPO market and would place Anthropic among the most valuable publicly traded technology companies if the reported valuation were achieved.

The potential listing also comes at a time when investors are closely watching whether the enormous capital requirements of frontier AI companies can translate into sustainable revenue and profits.

Anthropic’s Valuation Has Risen Rapidly

Anthropic’s potential IPO valuation would represent a major increase from its most recent private-market valuation.

Reuters reported that Anthropic raised $65 billion in May at a post-money valuation of approximately $965 billion. The company’s annualized revenue run rate had subsequently climbed above $65 billion by the end of July, compared with roughly $9 billion at the end of 2025.

That rapid revenue growth is one reason investors are paying close attention to the company’s IPO plans. Anthropic has also reportedly projected revenue of roughly $190 billion to $200 billion in 2028, although future projections are inherently uncertain and should not be treated as guaranteed results.

Why Nvidia’s Potential Investment Matters

Nvidia's possible participation would be more than a simple financial investment. It could strengthen a relationship between a leading AI model developer and one of the world's most important suppliers of AI computing hardware.

Training and operating advanced AI models requires enormous amounts of computing power. Nvidia’s GPUs have become a critical part of the infrastructure supporting many major AI companies, including Anthropic.

Reuters also reported that Anthropic has been working to diversify its computing suppliers. The company has relationships with major technology firms including Amazon and Google, while also exploring custom hardware to gain greater control over its computing costs.

That means Nvidia has a strategic interest in maintaining a strong relationship with Anthropic even as the AI company expands its infrastructure options.

Anthropic Is Expanding Its Computing Infrastructure

Anthropic's AI models require substantial computing capacity, particularly as demand for its Claude products grows.

The company has agreements involving several major technology providers. Reuters reported that Anthropic has committed to purchasing significant computing capacity through Microsoft Azure powered by Nvidia chips, while Amazon and Google are also important infrastructure partners.

In April, Anthropic said it would commit more than $100 billion over a decade to Amazon Web Services and use more than one million Amazon Trainium2 chips. The company has also agreed with Google and Broadcom to expand access to additional TPU capacity.

This infrastructure race explains why the relationship between AI model developers and semiconductor companies has become increasingly important to investors.

Could Anthropic’s IPO Become the Largest in History?

If Anthropic ultimately raises close to the reported $100 billion target, the IPO could become one of the largest public offerings ever.

The U.S. IPO market has already experienced a strong year. Reuters reported that U.S. IPOs excluding special-purpose acquisition companies had raised about $137 billion through the end of August, according to Dealogic.

Anthropic’s potential listing would therefore arrive during a period when investors are already showing strong appetite for large technology offerings. At the same time, the enormous valuation being discussed means the IPO could become an important test of how much investors are willing to pay for rapidly growing AI businesses.

Anthropic IPO Plans Are Still Subject to Change

Investors should be careful not to treat the reported $2 trillion valuation or $100 billion fundraising target as final.

The Reuters report is based on people familiar with confidential discussions, and those discussions could change before Anthropic files final IPO documents. The size of the offering, valuation, timing and Nvidia’s potential investment could all be different when the transaction becomes official.

Anthropic has also not publicly confirmed the reported IPO structure.

That distinction is important because the current story is about potential IPO plans and ongoing negotiations, rather than a completed $10 billion Nvidia investment.

What the Nvidia-Anthropic Deal Could Mean for AI Investors

If Nvidia ultimately participates with a multibillion-dollar commitment, the investment could be interpreted as a strong vote of confidence in Anthropic and the broader market for frontier AI.

It could also demonstrate how closely linked the AI ecosystem has become. AI model developers need increasingly powerful computing infrastructure, while chipmakers depend on continued demand from those developers to justify enormous investments in next-generation hardware.

For Nvidia, an investment in Anthropic could potentially provide exposure to the growth of one of the industry's major AI labs while strengthening a commercial relationship with a large customer.

For Anthropic, securing Nvidia as an anchor investor could provide additional credibility as it prepares for what could be a landmark public-market debut.

Bottom Line

Nvidia is reportedly considering investing up to $10 billion in Anthropic’s potential IPO, while Anthropic is seeking to raise as much as $100 billion at a valuation of around $2 trillion, according to Reuters.

The potential transaction would further connect two major parts of the AI economy: the companies developing frontier AI models and the semiconductor companies supplying the computing power required to run them.

But for now, the key word is “potential.” The Nvidia investment has not been finalized, and Anthropic’s reported fundraising target and valuation remain subject to change.

As Anthropic moves toward a possible public listing, investors will be watching three things closely: the company's final IPO valuation, the amount it ultimately raises, and whether Nvidia formally commits to becoming an anchor investor.

Source: Reuters reporting based on people familiar with the discussions. The reported investment and IPO terms remain subject to change.