Nvidia is in talks to become an anchor investor in Anthropic’s planned initial public offering, potentially putting up to $10 billion into a listing that could become the largest IPO in history, according to people familiar with the discussions.
Anthropic is seeking to raise as much as $100 billion in the offering, which could value the artificial intelligence startup at about $2 trillion, the sources told Reuters. The discussions are private and could change, the sources said.
If completed, Nvidia’s participation would deepen the chipmaker’s relationship with Anthropic, one of its major customers, while giving the AI company a prominent strategic investor ahead of its public-market debut.
The potential investment also would make Anthropic’s IPO an important test of investor appetite for the enormous valuations and capital requirements of companies developing advanced AI models.
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Anthropic’s rapid rise
Anthropic has emerged as one of the leading competitors in the generative AI industry, alongside companies such as OpenAI and Google.
The company’s valuation has risen sharply as demand for AI models and computing capacity has accelerated.
Anthropic was valued at about $965 billion in May following a $65 billion fundraising round, according to Reuters. Its annualized revenue run rate has also expanded rapidly, rising from about $9 billion in 2025 to more than $65 billion by the middle of 2026, Reuters reported. The company has projected that figure could reach as much as $200 billion by 2028.
Anthropic has been building out massive computing capacity to support its AI models. The company recently committed $30 billion to Microsoft Azure, which uses Nvidia chips, while also working with Amazon, Google and Broadcom to secure additional computing resources.
At the same time, Anthropic is developing custom chips as it seeks to reduce the cost of running increasingly powerful AI systems.
Nvidia and Anthropic deepen ties
Nvidia’s potential investment would further connect the world’s leading AI chipmaker with one of the fastest-growing AI model developers.
Nvidia’s graphics processing units, or GPUs, are widely used to train and operate large AI models. Anthropic has been among the major customers competing for access to the computing infrastructure required to scale its systems.
An anchor investment would also give Nvidia a direct financial stake in Anthropic’s growth as the company moves toward the public markets.
The discussions come as AI companies continue to attract unprecedented amounts of private capital. Anthropic’s potential $100 billion fundraising target would dwarf most traditional technology IPOs and could challenge recent records set by other large technology listings.
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IPO could reshape AI investment
Anthropic is expected to pursue a public listing before the U.S. midterm elections in November, although the timing and size of the offering remain subject to change.
The proposed IPO comes during an unusually strong period for U.S. listings. Companies had raised about $137 billion through U.S. IPOs by August 2026, according to Reuters.
A successful Anthropic offering at a valuation approaching $2 trillion would provide a major benchmark for how public investors value frontier AI companies, particularly businesses that require enormous investments in computing infrastructure.
It would also underscore the increasingly close financial relationships among AI model developers, cloud providers and semiconductor companies.
Neither Nvidia nor Anthropic has publicly confirmed the reported investment discussions.