Nvidia Weighs $10 Billion Bet on Anthropic's Record IPO

Nvidia is in talks to invest up to $10 billion in Anthropic's initial public offering, a deal that would make the chipmaker an anchor investor in what could become one of the largest IPOs in Wall Street history, Reuters reported on September 11, citing people familiar with the matter. The report was relayed the same day by Taiwan's TechNews and, a day later, by Brazil's Olhar Digital, both crediting Reuters as the original source. Anthropic is seeking to raise up to $100 billion in the offering, a sum that could value the maker of the Claude chatbot at close to $2 trillion.

The Nvidia stake, if it goes ahead, has not been previously disclosed and would give Anthropic a heavyweight anchor investor for an offering of extraordinary size. Anchor investors commit to buying a set block of shares before a listing is offered more broadly to the market, a structure that has become more common in the biggest recent offerings as companies try to lock in demand before pricing. Neither Anthropic nor Nvidia has commented on the discussions, and people familiar with the plans caution that the terms are still being worked out and could change. According to Bloomberg, cited by TechNews, Anthropic expects the listing to rival or exceed the record for the largest IPO on record.

A partnership between supplier and customer that keeps deepening

A fresh Nvidia investment would reinforce a relationship that is already close, and increasingly two-sided. Anthropic depends heavily on Nvidia's graphics processors to run and train its Claude models, even as it works to diversify its chip suppliers and has assembled an internal team to design custom silicon for its systems. In November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader computing partnership; as part of that same agreement, Anthropic committed to buying $30 billion worth of Microsoft Azure capacity built around Nvidia chips. Anthropic has lined up comparably large compute commitments elsewhere: in April it pledged more than $100 billion over a decade to Amazon Web Services, tied to more than a million of Amazon's Trainium2 chips, and it has separate agreements with Google and Broadcom to add several gigawatts of TPU-based capacity.

Revenue racing ahead of an already record IPO market

The numbers behind the offering have moved quickly. Anthropic's annualized revenue passed $65 billion by the end of July, up from roughly $9 billion at the end of 2025, according to figures the company has disclosed — and its own internal projections reportedly point to $190 billion to $200 billion in revenue by 2028, a figure said to factor into how the IPO is being priced. In May, Anthropic raised $65 billion in a funding round that valued the company at $965 billion post-money, overtaking rival OpenAI, which had raised $122 billion in March at an $852 billion valuation. People familiar with the plans say the Anthropic listing is expected to close before November's US midterm elections.

• Nvidia's potential investment: up to $10 billion, as an anchor investor
• Anthropic's IPO target: up to $100 billion raised, near a $2 trillion valuation
• Annualized revenue, end of July 2026: over $65 billion, versus about $9 billion at the end of 2025
• Internal 2028 revenue projection: $190 billion to $200 billion
• Prior funding round, May 2026: $65 billion raised at a $965 billion valuation

The offering also lands in an already record-breaking year for US listings. Through the end of August, US IPOs excluding blank-check companies had raised $137 billion, the most on record for that point in a year, according to Dealogic data cited by both outlets that reported the Nvidia talks.

What it changes for AI companies outside the United States

For AI companies outside the United States, the closer Nvidia gets to the largest American labs, the more it matters who is standing in line for the same scarce chips. Nvidia's graphics processors remain the default hardware for training and running large models worldwide, and European and Asian AI developers already compete for allocation against US hyperscalers and labs that count Nvidia as both supplier and investor. A deeper financial tie between Nvidia and Anthropic — one of the two labs, alongside OpenAI, absorbing the largest share of Nvidia's most advanced chips — offers little reassurance to a European AI startup or an Asian cloud provider hoping for a larger slice of the next generation of Nvidia silicon. If anything, it signals where Nvidia's own capital, and by extension its manufacturing priorities, are headed first.