Nvidia (NASDAQ: NVDA) is weighing an investment of up to $10 billion in Anthropic’s planned IPO as the AI company looks for an anchor investor before going public.
Sources allegedly told Reuters the deal could be part of what may become the biggest IPO ever. Anthropic is trying to raise as much as $100 billion at a valuation close to $2 trillion.
The talks are still private and the terms can change. The sources asked not to be named because the discussions are confidential. Nvidia’s role has not been reported before. If the chipmaker signs on early, Anthropic will have a large investor committed before the broader sale begins.
That matters because giant IPOs often use anchor buyers to secure part of the offering before the shares are marketed to everyone else.
The size also turns the listing into a direct test of how much public investors are willing to pay for frontier AI companies that need enormous amounts of capital. Nvidia would enter not just as a financier, but as a supplier to one of its major customers.
Nvidia could lock in a major position
Anchor investors normally agree to buy a fixed part of an IPO before wider demand is tested. That model is now common in very large listings because the companies are raising huge amounts.
Arm Holdings (NASDAQ: ARM) used Nvidia and Amazon (NASDAQ: AMZN) as anchor investors when it went public. Saudi Arabia’s Public Investment Fund also took an anchor position in SpaceX.
The possible Anthropic deal would also add another layer to Nvidia’s existing relationship with the Claude developer. Anthropic uses large numbers of Nvidia GPUs to train and run its models.
At the same time, the company is trying to use more than one chip supplier because demand for Claude has pushed its available computing capacity hard.
Nvidia already said in November 2025 that it planned to invest as much as $10 billion in Anthropic through a wider partnership. Under that arrangement, Anthropic agreed to spend $30 billion on Microsoft (NASDAQ: MSFT) Azure computing capacity powered by Nvidia hardware.
Amazon and Google, owned by Alphabet (NASDAQ: GOOGL), are also Anthropic investors and major compute providers.
In April, Anthropic said it planned to spend more than $100 billion with Amazon Web Services over ten years and use more than 1 million Amazon Trainium2 chips. The company also has agreements with Google and Broadcom (NASDAQ: AVGO) to add several gigawatts of TPU capacity.
Anthropic races for more compute as revenue and valuation climb
Anthropic is also building an internal chip team. The group is working on custom hardware for Claude as the company looks for more control over computing costs while demand keeps rising.
However, the IPO is forecast to take place prior to the American midterm elections in November. This will result in further appreciation of the company’s value.
Anthropic managed to raise $65 billion in May while valuing itself at $965 billion post-money. By July, the annualized revenue run rate of the firm exceeded $65 billion, while the number for December was $9 billion.
Part of the $2 trillion prediction is based on Anthropic’s projections. Earlier, Reuters reported that the company projects revenues ranging between $190 billion and $200 billion by 2028.
Anthropic would enter a U.S. IPO market already running at record speed. The expected listing follows SpaceX, founded by Elon Musk, which debuted in June.
U.S. IPOs excluding special-purpose acquisition companies had raised a record $137 billion through the end of August, according to Dealogic.