Nvidia is in discussions to become a major anchor investor in Anthropic’s planned initial public offering, potentially committing up to $10 billion to the artificial intelligence company’s blockbuster listing, according to people familiar with the talks.
Anthropic is reportedly targeting as much as $100 billion in fresh capital through the IPO, a move that could value the Claude-maker at approximately $2 trillion and make it one of the largest public offerings in history.
The discussions between Anthropic and Nvidia remain ongoing and could still change, the sources said, requesting anonymity because the negotiations are confidential.
If completed, Nvidia’s proposed investment would give Anthropic a powerful strategic backer ahead of its stock market debut while further strengthening the relationship between the AI company and the world’s leading supplier of artificial intelligence chips.
An anchor investment from Nvidia could also provide an important vote of confidence for other institutional investors considering the unusually large offering.
Anthropic has not publicly commented on the discussions, while Nvidia had not immediately responded to requests for comment.
Anchor investors typically commit to purchasing a portion of shares before an IPO is offered more broadly to the market. The arrangement can help companies build investor confidence when launching exceptionally large listings.
The potential investment highlights the increasingly close relationship between AI model developers and the semiconductor companies that supply the computing infrastructure needed to train and operate advanced models.
Anthropic relies heavily on Nvidia’s graphics processing units, or GPUs, although the company has also been working to diversify its sources of computing capacity as demand for its Claude AI services continues to increase.
Nvidia announced in November 2025 that it planned to invest up to $10 billion in Anthropic as part of a broader partnership. Under that arrangement, Anthropic committed to purchasing $30 billion worth of Microsoft Azure computing capacity powered by Nvidia chips.
The latest discussions could therefore further expand an already significant commercial relationship between the two companies.
Anthropic has attracted financial and strategic support from some of the world’s biggest technology companies, including Amazon and Google.
Both companies are also major suppliers of computing infrastructure to the AI developer.
In April, Anthropic announced plans to commit more than $100 billion over 10 years to Amazon Web Services while using more than one million of Amazon’s Trainium2 chips.
The company has also reached an agreement with Google and Broadcom to expand its access to several gigawatts of TPU computing capacity.
The moves reflect Anthropic’s growing need for massive amounts of computing power as the popularity and commercial use of its Claude AI models expand.
Anthropic’s potential IPO would represent another dramatic increase in its valuation.
The company raised $65 billion in May, giving it a post-money valuation of approximately $965 billion.
Anthropic’s annualised revenue run rate reportedly exceeded $65 billion by the end of July, compared with about $9 billion at the end of 2025.
The company’s potential $2 trillion valuation is also linked to projections that its revenue could reach approximately $190 billion to $200 billion in 2028.
The figures underline the extraordinary growth expectations surrounding the leading companies developing frontier artificial intelligence models.
Anthropic’s planned listing is expected to be completed before the U.S. midterm elections in November, according to the report.
If the offering proceeds at the scale currently under discussion, it could become a major test of public-market appetite for AI companies carrying enormous valuations and equally significant infrastructure and capital requirements.
The planned listing also comes amid a resurgence in the U.S. IPO market, with a series of high-profile offerings helping push activity toward what could become a record year.
SpaceX, founded by Elon Musk, also made its market debut in June, adding to a growing wave of major technology and private-company listings.
For Nvidia, an investment in Anthropic would potentially strengthen its position within the rapidly expanding AI ecosystem, while giving the chipmaker deeper exposure to one of the industry’s most closely watched AI model developers.
