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

Anthropic is in talks to bring Nvidia in as an anchor investor for an IPO that could raise as much as $100 billion and value the Claude maker at around $2 trillion, Reuters reported on September 11, citing two people familiar with the matter. One of them said Nvidia is considering putting in up to $10 billion.

Nvidia’s possible role had not been reported before. The sources warned that the plans are still under discussion and could change, and they asked not to be named because the talks are confidential.

An anchor investor is an institution that agrees to buy a set portion of an IPO before the wider marketing starts, so the rest of the book opens with a large order already in. Reuters says this is increasingly common for mega listings because they need to raise so much. Nvidia and Amazon were among Arm’s anchor investors, and Saudi Arabia’s PIF was among SpaceX’s. The agency describes Anthropic’s listing as a major test of whether public markets will fund the huge valuations and capital needs of frontier AI labs, and says a deep-pocketed anchor could boost investor confidence.

The $10 billion figure has come up before. In November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership. Under that deal Anthropic committed to buy $30 billion of Microsoft Azure computing capacity running on Nvidia chips. An IPO stake of up to the same size would mean Nvidia once again buying into one of its major customers, a company that relies heavily on its GPUs.

Anthropic has been working to depend less on Nvidia, though. Amazon and Google are both backers and major compute suppliers. In April, Anthropic said it would commit more than $100 billion over a decade to AWS and use more than 1 million of Amazon’s Trainium2 chips. It has also agreed with Google and Broadcom to add multiple gigawatts of TPU capacity. Reuters adds that demand for Claude has strained Anthropic’s available computing capacity, and that the company is setting up an in-house team to design custom chips for Claude to get more control over its hardware costs.

At $2 trillion, the listing would be another steep step up. Anthropic was valued at $61.5 billion in its Series E in March 2025 and at $183 billion after a $13 billion Series F that September. A $30 billion Series G in February valued it at $380 billion. In May, a $65 billion Series H valued it at $965 billion post-money. On June 1, Anthropic submitted a confidential draft IPO filing.

Revenue has climbed fast too. The company says its annualized revenue run rate was above $65 billion by the end of July, up from about $9 billion at the end of 2025. Reuters has previously reported that the potential valuation also rests partly on company projections of roughly $190 billion to $200 billion in revenue in 2028.

The size of the raise has been in play for weeks. Bloomberg reported in August that Anthropic expected its IPO to match or top SpaceX’s $75 billion debut, the all-time record for a first-time share sale, and that CFO Krishna Rao has avoided committing to a valuation figure.

The market around the deal is already running hot. SpaceX’s June debut was one of a string of blockbuster listings that have pushed the US IPO market toward a record year. US IPOs excluding SPACs (blank-check shell companies) raised a record $137 billion through the end of August, Dealogic says. Anthropic alone is seeking as much as $100 billion.

The listing is expected to complete before the US midterm elections in November.