Nvidia is in talks to become a major investor in Anthropic’s planned initial public offering, potentially deepening the semiconductor giant’s relationship with one of the world’s leading artificial intelligence companies as Anthropic prepares for what could become the largest IPO in history.
According to two people familiar with the discussions cited by Reuters, Anthropic is seeking to bring Nvidia in as an anchor investor for the offering. The AI startup could seek to raise as much as $100 billion, potentially giving the company a valuation of around $2 trillion. Nvidia is considering investing as much as $10 billion, although the discussions remain ongoing and the terms could change.
Neither company has confirmed the potential investment. Anthropic declined to comment, while Nvidia did not immediately respond to a request for comment. The sources spoke anonymously because the discussions are confidential.
If completed, Nvidia’s participation would provide Anthropic with a powerful strategic backer at an important stage in its growth. Anchor investors typically commit to purchasing a portion of an IPO before shares are offered more broadly, giving other investors an early signal of confidence in the company.
The potential deal also highlights the increasingly close financial and technological relationship between AI developers and the companies supplying the enormous computing infrastructure needed to train and operate advanced AI models.
Anthropic is a major customer of Nvidia’s graphics processing units, or GPUs, which are widely used to power artificial intelligence systems. At the same time, Anthropic has been working to diversify its computing supply as demand for its Claude AI models continues to increase.
The possible investment comes after Nvidia and Anthropic strengthened their relationship in 2025. Nvidia had said it would invest up to $10 billion in Anthropic as part of a broader partnership, while Anthropic committed to purchasing $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
Anthropic has also attracted backing from some of the world’s largest technology companies. Amazon and Google are among its major investors and computing partners. The company has announced plans to commit more than $100 billion over a decade to Amazon Web Services while using more than one million of Amazon’s Trainium2 chips. It has also reached agreements involving Google and Broadcom to expand its access to computing capacity.
The massive capital requirements reflect the extraordinary cost of developing frontier AI systems. Companies such as Anthropic are racing to secure the computing power, data infrastructure and specialized chips required to train increasingly sophisticated models.
Anthropic’s financial growth has helped fuel expectations for an enormous public offering. The company raised $65 billion in May at a post-money valuation of approximately $965 billion, according to Reuters. By the end of July, its annualized revenue run rate had climbed above $65 billion, compared with roughly $9 billion at the end of 2025.
The company is reportedly targeting revenue of roughly $190 billion to $200 billion in 2028, projections that are helping underpin expectations for a valuation approaching $2 trillion.
A successful IPO at that scale would represent a major test for public investors. While enthusiasm for artificial intelligence has driven enormous private-market valuations and record levels of investment, investors will ultimately have to determine whether the industry’s rapid growth can justify the huge amounts of capital being committed to AI companies.
The potential Anthropic offering comes during an exceptionally strong year for the US IPO market. US IPOs, excluding special-purpose acquisition companies, had raised a record $137 billion through the end of August, according to Dealogic. The anticipated Anthropic listing would add another major technology offering to a market already energized by blockbuster deals.
The company is expected to pursue the listing before the US midterm elections in November, although the timing and size of the offering could still change.
For Nvidia, an investment in Anthropic would extend a strategy that goes beyond simply selling chips to AI companies. The semiconductor giant has increasingly become an important financial partner for businesses building AI infrastructure, using its enormous financial resources to strengthen relationships with companies that depend heavily on its technology.
For Anthropic, securing Nvidia as an anchor investor could provide both financial support and an influential vote of confidence ahead of an IPO that would attract intense scrutiny from global investors.
If Anthropic ultimately raises close to $100 billion and reaches a valuation of around $2 trillion, the listing would mark one of the most significant moments yet in the commercialization of artificial intelligence and could become a defining test of whether public markets are prepared to support the enormous valuations and capital requirements of the next generation of AI companies.
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