Nvidia is in talks to put up as much as $10 billion as an anchor investor in Anthropic's initial public offering, a deal that would deepen the ties between the world's most valuable chipmaker and one of its largest AI customers just as Anthropic prepares what could be the largest stock-market debut on record, Reuters reported over the weekend, citing people familiar with the confidential discussions.
Anthropic, the maker of the Claude chatbot, is seeking to raise as much as $100 billion in the offering at a valuation of roughly $2 trillion, according to the report — a figure that would make it one of the most richly valued companies to go public and would eclipse Saudi Aramco's 2019 listing as the largest IPO in history. The talks remain preliminary, the sources cautioned, and terms could still change; Anthropic declined to comment and Nvidia did not respond to a request for comment.
An anchor investment from Nvidia would give the offering an early, high-profile vote of confidence of the kind that typically helps draw in other institutional buyers before shares are marketed more broadly. It would also extend a pattern already visible across the AI industry, in which chipmakers and cloud providers take equity stakes in the very startups spending billions of dollars on their hardware. Anthropic has committed to drawing roughly 1 gigawatt of computing capacity from Nvidia's Grace Blackwell and upcoming Vera Rubin systems, part of a broader compute build-out that has made Nvidia both a supplier and, potentially soon, a shareholder.
A business growing into its valuation
The scale of the proposed raise reflects how quickly Anthropic's revenue has climbed. The company's annualized revenue run rate reached roughly $65 billion by July, up from about $9 billion at the end of 2025, and executives have pointed investors toward projections of $190 billion to $200 billion in revenue by 2028, according to reporting on the deal talks. People close to the process say Anthropic is aiming to price the offering before November's U.S. midterm elections, though no formal timeline has been set.
The talks come days after Anthropic pushed back its IPO roadshow to mid-October and separately arranged a $15 billion credit line, moves that suggested the company was still lining up financing flexibility even as it sprints toward a listing. Nvidia, for its part, has made a habit of backing its biggest customers directly; Chief Financial Officer Colette Kress has told investors that commitments of this size amount to only "a small fraction" of the chipmaker's expected free cash flow, leaving room for Nvidia to keep funding the compute buildout it also profits from selling.
Whether the investment is finalized before Anthropic files public paperwork remains an open question, but the scale of the numbers being discussed — a $2 trillion valuation, a $100 billion raise, a $10 billion check from a single backer — underscores how central the AI infrastructure race has become to Wall Street's biggest listings.
