Nvidia is reportedly considering a $10 billion investment in Anthropic's IPO, valuing the AI safety startup at approximately $100 billion.
Anthropic is in discussions with Nvidia about an anchor investment in its planned initial public offering, according to two sources familiar with the matter. The investment could make Anthropic's market debut the largest IPO in history. Anthropic is seeking to raise as much as $100 billion, which would value the company at approximately $2 trillion. Nvidia is considering investing up to $10 billion, though discussions remain ongoing and terms could change.
Nvidia's participation would provide Anthropic with a major anchor investor while deepening the relationship between the chipmaker and one of its largest customers. An anchor commitment from Nvidia could boost investor confidence around an unusually large listing and signal institutional interest in the company.
Anthropic depends heavily on Nvidia GPUs for its computing needs. However, the company has been working to expand its access to computing capacity and diversify its chip suppliers as demand for Claude has grown. The two companies had outlined a broader partnership in November 2025, when Nvidia committed to invest up to $10 billion in Anthropic while Anthropic committed to purchase $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
Anthropic maintains major relationships with Amazon and Google. In April, the company committed to invest more than $100 billion in Amazon Web Services over a decade and to use more than 1 million of Amazon's Trainium2 chips. Anthropic has separately agreed with Google and Broadcom to expand access to TPU capacity.
The company is building an internal team to develop chips designed specifically for Claude, aiming to reduce its dependence on external hardware costs.
The proposed IPO would represent a significant increase from Anthropic's previous valuations. The company raised $65 billion in May at a post-money valuation of $965 billion. By the end of July, its annualized revenue run rate exceeded $65 billion, compared with approximately $9 billion at the end of 2025. The potential $2 trillion valuation is based on projected revenue of approximately $190 billion to $200 billion in 2028, according to Reuters.
If completed before the U.S. midterm elections in November, the IPO would come amid a strong year for U.S. IPOs. Excluding special-purpose acquisition companies, U.S. companies had raised a record $137 billion through the end of August, according to Dealogic. The offering would follow SpaceX's June debut and add to a series of large listings pushing the U.S. IPO market toward a record year.