is in talks to bring in as an anchor investor in what could become the largest initial public offering in history, Reuters reported, citing two people familiar with the matter.
The artificial intelligence startup is seeking to raise as much as $100 billion, potentially valuing the company at around $2 trillion, according to the sources. Nvidia is considering investing as much as $10 billion in the IPO.
The plans remain under discussion and could change.
Nvidia’s potential involvement, which has not previously been reported, would give Anthropic an early strategic backer for the outsized offering and further deepen ties between the chipmaker and one of its major customers.
Bringing Nvidia on board as a deep-pocketed anchor investor could also boost investor confidence in the listing. The IPO is shaping up to be a major test of public-market appetite for the enormous valuations and capital requirements of frontier AI companies, according to Reuters.
Nvidia-Anthropic ties
Anchor investors are typically institutional investors that commit to buying a set portion of an IPO before it is marketed more broadly, providing an early vote of confidence in the shares.
Mega IPOs are increasingly lining up early institutional commitments because of the large amounts they seek to raise. Chip designer Arm’s anchor investors included and Amazon, while Saudi Arabia’s Public Investment Fund was among SpaceX’s anchor investors.
Nvidia’s potential investment also highlights the increasingly intertwined relationship between AI model developers and the companies supplying the computing power they need.
Anthropic relies heavily on Nvidia’s graphics processing units, or GPUs, while also seeking to diversify its chip suppliers as demand for its Claude AI model strains its computing capacity.
In November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership. Under that agreement, Anthropic committed to buying $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
Anthropic already counts Amazon and Google among its major backers. Both companies are also major suppliers of computing capacity to the AI startup.
In April, Anthropic said it would commit more than $100 billion over a decade to Amazon’s 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 TPU capacity.
Anthropic’s AI spending and valuation
Anthropic has been seeking greater access to computing power as its revenue has surged. The company is also working to gain greater control over hardware costs by building an in-house team to design custom chips tailored to Claude.
The potential listing is expected to be completed before the US midterm elections in November. It would mark another sharp increase in Anthropic’s valuation.
The Claude maker raised $65 billion in May at a post-money valuation of $965 billion. Its annualised revenue run rate had climbed above $65 billion by the end of July, from about $9 billion at the end of 2025, according to the company.
The potential $2 trillion valuation also partly depends on company projections of roughly $190 billion to $200 billion in revenue in 2028.