Nvidia is considering investing up to $10 billion as Anthropic targets a valuation of around $2 trillion
Anthropic is in talks with Nvidia to bring the chipmaker in as an anchor investor in what could become the biggest initial public offering in history, Reuters reported, citing people familiar with the matter.
The AI startup is looking to raise as much as $100 billion through the IPO, which could value the company at around $2 trillion, the report said. Nvidia is considering investing up to $10 billion, one of them said.
The discussions are still ongoing and the plans could change, the report said, requesting anonymity because the talks are private.
Why Nvidia investment matters
Nvidia joining the IPO as an anchor investor would give Anthropic a major early backer for what is expected to be a closely watched listing.
Anchor investors typically agree to buy a portion of shares before an IPO is offered to the wider market. Their involvement can help build confidence among other investors, particularly when a company is seeking to raise a very large amount of money.
The potential investment would also deepen the ties between Nvidia and Anthropic. Nvidia supplies the graphics processing units, or GPUs, that Anthropic uses to train and run its AI models.
Anthropic, however, has been trying to secure computing capacity from several suppliers as demand for its Claude AI models has grown.
More from BusinessIn November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a wider partnership. Anthropic also agreed to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
Anthropic needs more computing power
The growing demand for AI services has pushed Anthropic to secure huge amounts of computing capacity.
Amazon and Google are among the company’s biggest backers and computing partners. In April, Anthropic said it would commit more than $100 billion over a decade to Amazon Web Services and use more than 1 million of Amazon’s Trainium2 chips.
The company has also agreed with Google and Broadcom to add multiple gigawatts of computing capacity using Google’s AI chips, known as TPUs.
Anthropic is also building an in-house team to design custom chips for its Claude models. The move could eventually give the company more control over its hardware costs.
From $965 billion to potentially $2 trillion
Anthropic’s potential IPO would mark another sharp increase in its valuation.
The company raised $65 billion in May at a post-money valuation of $965 billion. Its annualised revenue run rate had crossed $65 billion by the end of July, up from about $9 billion at the end of 2025, according to figures cited by Reuters.
The potential $2 trillion valuation is partly based on Anthropic’s projections that its revenue could reach around $190 billion to $200 billion in 2028, Reuters previously reported.
The company is expected to complete the IPO before the US midterm elections in November.
A major test for AI valuations
Anthropic’s proposed listing comes as the US IPO market is heading towards a record year, helped by several large technology offerings.
SpaceX made its market debut in June, adding to investor interest in large private technology companies entering public markets.
US IPOs, excluding special-purpose acquisition companies, raised a record $137 billion through the end of August, according to Dealogic.
A $100-billion Anthropic IPO would be on a different scale altogether. It would test how much investors are willing to pay for leading AI companies and how much capital public markets are prepared to provide for the enormous computing costs behind the technology.
