Nvidia weighs up to $10 billion in Anthropic's mega IPO

The largest IPO in history is being lined up with a chipmaker at the front of the book. Anthropic is in talks to bring Nvidia in as an anchor investor in a raise of as much as $100 billion, at a valuation of around $2 trillion, with Nvidia weighing up to $10 billion, two people familiar with the matter told Reuters.

At a glance

• The listing is expected to complete before the US midterm elections in November, and would be the largest IPO in history if the raise lands near the $100 billion Anthropic is seeking.
• Nvidia's cheque of up to $10 billion would come in as an anchor commitment, a block of shares agreed before the book opens to the wider market, the role it also played in Arm's listing.
• The terms are unsettled and could change, and the roughly $2 trillion figure leans in part on company projections of $190 billion to $200 billion of 2028 revenue, Reuters previously reported.

If you missed the earlier chapters: Nvidia said in November 2025 it would invest up to $10 billion in Anthropic as part of a broader partnership. Amazon and Google are backers too, and both sell Anthropic compute. In March, according to AI Funding Tracker, Jensen Huang said those Anthropic and OpenAI cheques were likely Nvidia's last big private ones, since the window closes once a lab lists.

The ask is $100 billion, four months after a $965 billion round

In May, Anthropic raised $65 billion at a post-money valuation of $965 billion. The offering now under discussion would raise up to $100 billion at around $2 trillion, roughly double that mark.

The revenue line behind it: annualized run rate climbed above $65 billion by the end of July, from about $9 billion at the end of 2025, according to the company. The valuation also hinges in part on projections of roughly $190 billion to $200 billion in revenue in 2028, Reuters previously reported.

It would land in an already crowded year. US IPOs excluding special-purpose acquisition companies raised a record $137 billion through the end of August, according to Dealogic, after SpaceX's June debut.

Arm and SpaceX both opened their books with anchor investors

Anchor investors are usually institutions that agree to buy a set portion of an offering before it is marketed more broadly. The book opens with a large order already inside it, which works as an early vote of confidence for the funds deciding later.

Think of a crowdfunding page that goes live with a third of the target already pledged: the number on the bar changes how the next person reads the project. For mega IPOs the practice has become routine, simply because of the sums involved. Arm's anchors included Nvidia and Amazon, and Saudi Arabia's PIF was among SpaceX's.

Nvidia's commitment would put a strategic backer rather than a purely financial one at the front of the book, Reuters reports, and deepen the ties between the chipmaker and one of its largest customers.

Anthropic has committed more than $100 billion to AWS over a decade

In April, Anthropic said it would commit more than $100 billion over ten years to Amazon's AWS while using more than 1 million Trainium2 chips. It has also agreed with Google and Broadcom to add multiple gigawatts of TPU capacity, and the November 2025 Nvidia partnership came with a commitment to buy $30 billion of Microsoft Azure capacity powered by Nvidia chips.

Nvidia GPUs still carry much of the work, and Anthropic keeps widening its supplier list because demand for Claude has strained the compute it can get. It has also formed an in-house team to design custom chips tailored to Claude, which Reuters says is aimed at more control over hardware costs.

Why does Nvidia keep buying into its own customers?

Nvidia CFO Colette Kress told analysts the company had invested "nearly $50 billion in the frontier AI labs", according to CNBC, and said those labs are growing faster than their balance sheets and credit profiles can support, so "Nvidia is needed to help power this flywheel".

Ian Fogg, research director at CCS Insight, told CNBC that equity stakes help companies innovate but also give Nvidia "a degree of control to encourage companies to take a Nvidia-related innovation path".

Anthropic is not the only name on that list. According to tradingkey, citing an August report by The Information, Nvidia is also in talks to join a new Perplexity financing round at a post-money valuation expected to exceed $30 billion.

All of this rests on two people familiar with the matter, and the sources cautioned the plans could change. In our view the interesting part is the price ladder rather than the anchor: about $2 trillion is more than double the $965 billion post-money set in May, and it leans on 2028 projections rather than on anything booked.

Before the November midterms

The listing is expected to complete before the US midterm elections in November, which leaves a short runway for filing, marketing and pricing. No dates have been given for any of those steps, and neither the $100 billion target nor Nvidia's $10 billion is settled. The things to watch are whether other anchors join the book alongside Nvidia, and how close the final valuation lands to the $2 trillion under discussion.