The Pulse
Nvidia Weighs Up to $10B Anchor Investment in Anthropic IPO
Reuters reports that Nvidia is in talks to invest up to $10 billion as an anchor investor in Anthropic’s proposed initial public offering.
AI.info Team ·
Anthropic could seek up to $100 billion in its initial public offering, and Nvidia is considering committing as much as $10 billion as an anchor investor, according to a Reuters report carried by MarketScreener on September 11. The proposed financing could value the Claude maker at around $2 trillion and rank among the largest public listings ever attempted.
Two people familiar with the discussions told Reuters that the terms remain unsettled. Anthropic declined to comment, while Nvidia did not immediately respond to a request for comment. The potential investment has not been announced by either company.
Nvidia’s possible role would give Anthropic a high-profile early backer for an offering that will test whether public-market investors accept the enormous capital requirements and valuations attached to frontier AI companies.
Nvidia’s proposed stake would extend an unusually close supplier relationship
Anchor investors commit to purchase a defined portion of an IPO before the broader marketing process begins. Their participation can provide an early signal of institutional support, particularly for offerings seeking unusually large amounts of capital.
Nvidia already has a financial and commercial relationship with Anthropic. In November 2025, the companies announced a technology partnership under which Anthropic would work with Nvidia on model and system design. The same agreement included up to $10 billion in Nvidia investment and a commitment by Anthropic to purchase $30 billion of Microsoft Azure computing capacity powered by Nvidia systems.
Anthropic’s potential IPO investment would therefore combine two relationships that often sit apart: Nvidia would be both a supplier of the computing infrastructure Anthropic needs and a prospective buyer of its shares.
Anthropic is raising capital while expanding beyond Nvidia GPUs
Anthropic relies heavily on Nvidia processors, but the company is also adding other sources of computing capacity. Reuters reported that Anthropic has agreements involving Amazon’s Trainium2 chips, Google’s tensor processing units and additional capacity arranged with Broadcom.
Anthropic said in April that it would commit more than $100 billion over a decade to Amazon Web Services while using more than one million Trainium2 chips. The company has also said it is working with Google and Broadcom to add multiple gigawatts of TPU capacity. Anthropic is building an internal team to design custom chips, a move intended to give it greater control over hardware costs.
Its infrastructure commitments reflect the expense of training and serving Claude as usage grows. In a May announcement, Anthropic said it had raised $65 billion in Series H funding at a post-money valuation of $965 billion. The company said its run-rate revenue had passed $47 billion earlier that month.
“Claude is increasingly indispensable to our growing global community of customers, and we work tirelessly to make tools like Claude Code and Cowork more helpful, more powerful, and more adaptable to their needs,” said Krishna Rao, Chief Financial Officer of Anthropic. “This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens.”
A $2 trillion valuation would depend on extraordinary growth
Reuters reported that Anthropic’s annualized revenue run rate had risen above $65 billion by the end of July, compared with approximately $9 billion at the end of 2025. The possible $2 trillion valuation also depends in part on company projections of roughly $190 billion to $200 billion in revenue during 2028.
Those figures would represent a sharp increase from the valuation attached to Anthropic’s latest disclosed financing. They also show why the public offering would demand more than a conventional growth-company narrative: investors would have to assess whether Anthropic can convert fast-rising model usage into revenue at a scale that supports its computing commitments and market value.
The company’s May funding round included previously committed investments from hyperscalers and other strategic partners. Anthropic said it had expanded agreements for up to five gigawatts of Amazon capacity, five gigawatts of next-generation Google TPU capacity and access to GPU capacity operated by SpaceX.
The IPO would arrive during a record U.S. issuance year
Reuters said Anthropic’s listing is expected to be completed before the U.S. midterm elections in November, although the timing and terms could change. The offering would follow SpaceX’s public debut in June and add another unusually large technology listing to a strong year for U.S. issuance.
U.S. IPOs excluding special-purpose acquisition companies raised a record $137 billion through the end of August, according to Dealogic data cited by Reuters. Anthropic’s proposed fundraising would stand apart even within that market: a $100 billion offering would be several times larger than most technology IPOs and would require demand from the world’s largest institutional investors.
For Nvidia, the decision carries a separate question. The company has increasingly used investments and infrastructure partnerships to deepen ties with major AI customers, while its chips remain central to the computing buildout those customers are funding. An anchor position in Anthropic would give Nvidia exposure to a potential public-market winner, but it would also increase the financial connection between Nvidia’s revenue base and the fortunes of one of its largest model-building customers.
The terms, timing and public-market test remain unsettled
Reuters’ sources cautioned that the discussions could change, and neither Nvidia nor Anthropic has confirmed the proposed IPO investment. The final size of the offering, valuation, share structure and timing will depend on confidential negotiations and the eventual filing process.
For now, the reported figures are the scale of Anthropic’s ambition and Nvidia’s possible commitment: as much as $100 billion sought from public investors, a potential valuation near $2 trillion and up to $10 billion from the chipmaker as an early buyer.