Anthropic is planning what could be the biggest IPO in history, with the artificial intelligence giant looking to raise up to $100 billion at a valuation of around $2 trillion. Nvidia is in talks to become one of the first major investors in the offering, according to two people familiar with the matter cited by Reuters.Nvidia is considering investing up to $10 billion in the initial public offering, one of the people said. Talks are continuing and plans could change, the sources said. They requested anonymity because the discussions are private.If the deal goes ahead, Nvidia would become one of the first investors in what could be the largest initial public offering in history. Its participation could also strengthen the close business relationship between Nvidia and Anthropic, one of the chipmaker’s largest customers.
Nvidia and Anthropic’s growing ties
Nvidia’s potential investment comes as Anthropic relies heavily on Nvidia chips to run its AI models. At the same time, Anthropic is looking for other chip suppliers, as growing demand for Claude has put pressure on its available computing capacity.Nvidia had already said in November 2025 that it would invest up to $10 billion in Anthropic as part of a broader partnership. Under the deal, Anthropic agreed to purchase $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.Anchor investors typically agree to purchase a fixed number of shares before offering an initial public offering to the broader market. Your early investment can give other investors confidence in the stock.Large IPOs have increasingly sought out early investors because of the huge amounts of money they are trying to raise. Nvidia and Amazon were among the anchor investors in chip designer Arm’s IPO, while Saudi Arabia’s PIF was among the anchor investors in SpaceX.
Amazon and Google are also big sponsors
Anthropic already has some of the largest technology companies in the world as investors. Amazon and Google are also among its largest suppliers of computing power.In April, Anthropic said it would commit more than $100 billion over 10 years to Amazon’s AWS while using more than 1 million Amazon Trainium2 chips. It also agreed with Google and Broadcom to add several gigawatts of TPU capacity.The company is trying to access more computing power as its revenue has increased sharply. It is also forming an internal team to design its own chips for Claude, with the goal of having greater control over its hardware costs.
From $965 billion to a possible $2 trillion
The proposed initial public offering would mark another big jump in Anthropic’s valuation.The Claude maker raised $65 billion in May at a post-money valuation of $965 billion. Its annualized revenue run rate had surpassed $65 billion at the end of July, compared with about $9 billion at the end of 2025, according to the company.The potential $2 trillion valuation also depends in part on Anthropic’s projections of around $190 billion to $200 billion in revenue in 2028, Reuters previously reported.The list is expected to be complete before the US midterm elections in November.An Anthropic listing would add to a series of major IPOs that have helped propel the U.S. market to a record year. Elon Musk’s SpaceX made its debut in June.US IPOs, excluding special purpose acquisition companies, raised a record $137 billion through the end of August, according to Dealogic.
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