Finance11 September, 20262 min read
Nvidia Considers Up To $10 Billion Investment in Anthropic’s IPO
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Nvidia in talks to invest up to $10 billion as anchor investor in Anthropic IPO. Anthropic seeks to raise up to $100 billion, valuing around $2 trillion.
9 outlets told this the same way.
Nvidia eyes anchor for IPO
Anthropic is in talks with Nvidia to secure funding for an upcoming IPO that could be among the largest stock market debuts ever, Reuters reported on Sept 11. Reuters said Anthropic is seeking to raise as much as $100 billion in the offering, which could value the AI startup at around $2 trillion. Reuters reported that Nvidia is considering investing up to $10 billion as part of the deal, with the plans remaining under discussion and able to change.
The reports frame Nvidia’s role as an anchor investor that would commit to buying a set portion of an IPO before it is marketed more broadly, providing an early vote of confidence for the listing. Reuters added that Nvidia and Anthropic already have a partnership in which Anthropic committed to spend $30 billion on Microsoft’s Azure cloud service, which runs on Nvidia chips.
Ties deepen with Azure
The Reuters reporting ties the potential IPO investment to existing commercial links, noting that in November 2025 Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership. Under that partnership, Reuters said Anthropic committed to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips, while also describing Anthropic’s reliance on Nvidia GPUs. The Decoder similarly said Nvidia wants to pour up to $10 billion into Anthropic’s record-breaking IPO and described the plan as Nvidia coming in as an anchor investor to lock in shares before the stock hits the open market.
The Decoder also linked the companies’ relationship to compute demand, stating that Anthropic committed in 2025 to buying $30 billion in Azure compute packed with Nvidia chips. Reuters further said the listing is expected to complete before the U.S. midterm elections in November, positioning the IPO as a test of public-market appetite for frontier AI valuations.
Valuation, timing, and market
Reuters reported that the expected Anthropic IPO would mark another jump in valuation, with the Claude maker having raised $65 billion in May at a post-money valuation of $965 billion.
Reuters said its annualized revenue run rate had climbed above $65 billion by the end of July, from about $9 billion at the end of 2025, and that the potential valuation also hinges on projections of roughly $190 billion to $200 billion in revenue in 2028.
The Times of India echoed the same core figures, saying Anthropic is looking to raise as much as $100 billion at a valuation of around $2 trillion and that Nvidia is considering putting up to $10 billion into the IPO.
The Times of India also stated that the talks are still going on and the plans could change, with sources requesting anonymity because the discussions are private.
Reuters added that U.S. IPOs, excluding special-purpose acquisition companies, have raised a record $137 billion through the end of August, and it pointed to Elon Musk’s SpaceX debut in June as part of the broader IPO wave.