Key facts
- Nvidia is in talks to invest up to $10 billion in Anthropic's potential IPO.
- Anthropic is seeking to raise as much as $100 billion in its IPO.
- The potential IPO could value Anthropic at around $2 trillion.
- Anchor investors commit to buying a set portion of an IPO before broader marketing.
- Anthropic's annualized revenue run rate was above $65 billion by the end of July.
- Anthropic raised $65 billion in May at a post-money valuation of $965 billion.
Artificial intelligence startup Anthropic is in discussions to secure Nvidia as an anchor investor for its potential initial public offering, which could be the largest in history, according to two people familiar with the matter. The AI company is aiming to raise as much as $100 billion, potentially valuing it at around $2 trillion. Nvidia is considering an investment of up to $10 billion.
These plans are still under discussion and could change. Nvidia's involvement would provide Anthropic with a strategic backer for a large offering and further solidify the relationship between the chipmaker and a key customer. Such an anchor investment could bolster confidence in the listing, which is expected to be a significant test of investor appetite for high-valuation AI companies.
Anthropic declined to comment, and Nvidia did not immediately respond to a request for comment. Anchor investors typically commit to purchasing a portion of an IPO before it is widely marketed, offering an early endorsement. This practice is becoming more common for mega IPOs seeking substantial capital.
The potential deal underscores the critical link between AI developers and the companies providing the necessary computing power. Anthropic relies heavily on Nvidia's GPUs but is also diversifying its chip suppliers due to strained capacity from high demand for its Claude AI model. In November 2025, Nvidia announced a $10 billion investment in Anthropic as part of a partnership where Anthropic committed to purchasing $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
Anthropic's existing investors include major tech firms like Amazon and Google, who also supply its computing power. In April, Anthropic pledged over $100 billion to Amazon Web Services over a decade, planning to use more than a million of Amazon's Trainium2 chips. The company has also agreed with Google and Broadcom to increase its TPU capacity.
To manage rising demand and control hardware costs, Anthropic is developing an in-house team to design custom chips for Claude. The company's valuation has seen significant jumps, with a $65 billion fundraising round in May valuing it at $965 billion post-money. Its annualized revenue run rate exceeded $65 billion by the end of July, a substantial increase from approximately $9 billion at the end of 2025. Projections suggest potential revenues of $190 billion to $200 billion in 2028.