Nvidia in Talks to Anchor Anthropic's Record $2T IPO With $10B

Highlights

• Nvidia is reportedly in talks to invest up to $10 billion as an anchor investor in Anthropic's IPO.
• Anthropic is seeking to raise roughly $100 billion at a $2 trillion valuation, which would make it the largest IPO on record.
• The listing is being targeted to close before November's US midterm elections.
• The talks build on a November 2025 deal tying a separate $10 billion Nvidia commitment to $30 billion of Azure compute purchases.
• Anthropic's annualized revenue run rate topped $65 billion by mid-2025, up from about $9 billion a year earlier.

Nvidia is in discussions to invest as much as $10 billion in Anthropic's initial public offering, serving as an anchor investor in what could become the largest IPO on record, Reuters reported. Anthropic, the company behind the Claude family of AI models, is seeking to raise up to $100 billion in the offering, a sum that would value it at roughly $2 trillion. People familiar with the matter said the listing is being targeted to close before November's US midterm elections, though the timeline and final size remain subject to change. Neither Nvidia nor Anthropic has publicly confirmed the discussions, and the terms of Nvidia's potential participation are still being worked out.

Nvidia's Growing Bet on Anthropic

The talks build on an already deep financial relationship between the two companies. In November 2025, Nvidia agreed to commit up to $10 billion to Anthropic as part of a deal that required Anthropic to purchase $30 billion of Microsoft Azure computing capacity built on Nvidia chips — an arrangement that tied Nvidia's balance sheet directly to demand for its own hardware. Anthropic's business has expanded rapidly since then: the company raised $65 billion in a funding round in May 2025 at a $965 billion post-money valuation, and by the end of July 2025 its annualized revenue run rate had climbed to more than $65 billion, up from roughly $9 billion at the end of 2024. A $2 trillion target would more than double that May 2025 figure in little over a year. The IPO would also land in an unusually hot listing market — US initial public offerings, excluding blank-check vehicles, raised $137 billion through August 2026, already a full-year record with four months still to go. Anthropic's backers extend well beyond Nvidia: Amazon has committed more than $100 billion in cloud infrastructure spending over a decade, while Google and Broadcom have pledged multiple gigawatts of TPU capacity, part of a broader wave of record data-center construction spending across the industry.

Related: Anthropic's Priciest Model Stalls at 11% of Spend Before $2T IPO

What It Means for Markets

For crypto and broader risk markets, a $2 trillion Anthropic listing would be more than a Silicon Valley curiosity. Nvidia's stock price and forward guidance have become one of the most closely watched proxies for AI-driven risk appetite, and mega-cap tech sentiment has increasingly moved in tandem with digital-asset markets over the past two years — both trade as leveraged bets on the same liquidity and rate backdrop. An anchor commitment of this size would also tie up capital that might otherwise chase other assets, at a time when institutional allocators are already weighing AI infrastructure, private credit, and crypto ETFs against one another for a limited pool of risk budget. The deal also underscores how concentrated AI financing has become among a handful of chipmakers, cloud providers, and now IPO underwriters. Nvidia has emerged as both a supplier and financier to its largest customers, a pattern regulators have started to examine more closely, including a separate Department of Justice review of a Nvidia-Groq deal. A successful Anthropic listing, especially one anchored so heavily by its own chip supplier, would be a stress test for how comfortable public markets are with that structure. If the IPO clears before the midterms as planned, it would land in a compressed pre-election window when equity volatility tends to rise, adding another variable for traders positioning across both tech and crypto risk.

What Comes Next

The next concrete milestone to watch is whether Anthropic files a public S-1 registration, which would lock in audited financials and give the market its first hard look at the revenue and margin figures behind the $2 trillion target. Bankers will also be watching whether Nvidia's commitment is formalized as a straightforward equity purchase or structured as part of a broader compute-and-cash package similar to its November 2025 arrangement. With the offering targeted to close before the first Tuesday of November, the coming weeks should bring roadshow details, additional anchor investors, and clearer sizing of the deal. Any slippage past the midterms would push the listing into a historically choppier period for IPOs, and would likely reignite questions about how much of the AI buildout's valuation is being underwritten by its own suppliers rather than outside capital.

FAQ

How much is Nvidia reportedly considering investing in Anthropic's IPO?
Nvidia is in talks to invest up to $10 billion as an anchor investor, according to Reuters, though the amount and structure could still change.

What valuation is Anthropic targeting?
Anthropic is seeking to raise about $100 billion in the offering at a valuation of roughly $2 trillion, more than double its $965 billion valuation from May 2025.

When is the IPO expected to happen?
People familiar with the matter said Anthropic is targeting a listing before November's US midterm elections, though the timeline could shift.

Has Nvidia invested in Anthropic before?
Yes. In November 2025, Nvidia committed up to $10 billion to Anthropic as part of a deal requiring Anthropic to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.