Nvidia plans to invest up to $10 billion in Anthropic's IPO, targeting a record $2 trillion valuation for the AI safety-focused startup.

Nvidia is in talks to invest up to $10 billion in Anthropic’s planned IPO, Reuters reports. The company behind Claude wants to raise up to $100 billion and land a valuation of around $2 trillion. That would make it the largest IPO in history. Nvidia would come in as an anchor investor, locking in shares before the stock hits the open market.

The two companies are already closely linked. Anthropic runs on Nvidia GPUs and committed in 2025 to buying $30 billion in Azure compute packed with Nvidia chips. Revenue went from around $9 billion at the end of 2025 to over $65 billion by July 2026. The IPO is expected to wrap up before the US midterms in November.

Nvidia is still playing central bank for the AI industry, investing in customers like Anthropic and OpenAI while backing some $300 billion in guarantees that help data centers secure financing. Most of that money circles right back to Nvidia in chip orders.

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