Anthropic in talks for up to $10 billion Nvidia investment ahead of mega IPO: Report

Nvidia’s potential participation would give Anthropic a strategic backer for its proposed mega-listing while deepening the relationship between the chipmaker and one of its biggest customers.Artificial intelligence (AI) startup Anthropic is in talks to bring Nvidia in as an anchor investor in what could become the largest initial public offering (IPO) in history, Reuters reports.Anthropic is seeking to raise as much as $100 billion in the offering, which could value the Claude maker at about $2 trillion, the people said.

Nvidia is considering investing up to $10 billion, one of the sources said.The plans are still under discussion and could change, the people said, requesting anonymity because the talks are confidential.Nvidia could anchor Anthropic’s mega IPONvidia’s potential participation would give Anthropic a strategic backer for its proposed mega-listing while deepening the relationship between the chipmaker and one of its biggest customers.

An anchor investment from Nvidia could also help bolster investor confidence in an offering that would test public-market appetite for the valuations and capital requirements of frontier AI companies.Anthropic declined to comment, while Nvidia did not immediately respond to a request for comment.Anchor investors are typically institutional investors that commit to purchasing a portion of an IPO before the shares are marketed more broadly.

Such early commitments have become increasingly common in large listings as companies seek to raise substantial amounts of capital.The potential Nvidia investment also highlights the increasingly intertwined relationship between AI model developers and the chipmakers that supply the computing power needed to train and run their models.

Anthropic relies heavily on Nvidia graphics processing units (GPUs), while also seeking to diversify its sources of computing capacity as demand for Claude grows.In November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership.

Under the agreement, Anthropic committed to purchasing $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.Amazon, Google remain key Anthropic backersAnthropic’s other major backers include Amazon and Google, which are also among its key computing suppliers.

In April, Anthropic said it would commit more than $100 billion over a decade to Amazon Web Services (AWS), while using more than 1 million of Amazon’s Trainium2 chips.

It has also agreed with Google and Broadcom to add multiple gigawatts of tensor processing unit (TPU) capacity.The company has been racing to secure more computing power as demand and revenue have surged.

It is also building an in-house team to develop custom chips tailored to Claude, aiming to gain greater control over hardware costs.The proposed listing is expected to be completed before the US midterm elections in November.

It would represent another sharp increase in Anthropic’s valuation after the company raised $65 billion in May at a post-money valuation of $965 billion.Anthropic’s annualised revenue run rate exceeded $65 billion by the end of July, up from about $9 billion at the end of 2025, according to the company.

The potential valuation is also partly based on projections of roughly $190 billion to $200 billion in revenue in 2028, as per the reports.An Anthropic IPO would add to a series of blockbuster listings that have helped propel the US IPO market towards a record year, following SpaceX’s debut in June.US IPOs, excluding special-purpose acquisition companies, raised a record $137 billion through the end of August, according to Dealogic.