Nvidia in Talks to Back Anthropic’s Record Setting IPO

Anthropic is reportedly in discussions to bring Nvidia on as an anchor investor for what could become the largest initial public offering in history. The company is aiming to raise up to $100 billion, potentially valuing the AI firm at around $2 trillion. Sources say Nvidia is considering an investment of up to $10 billion, though the details remain under discussion and could still change.

Deepening Ties Between Anthropic and Nvidia

Anthropic relies heavily on Nvidia’s chips to power its Claude AI models while also working to diversify its hardware suppliers. Nvidia previously committed up to $10 billion to Anthropic last November as part of a broader partnership that included a major cloud computing deal with Microsoft Azure. Anchor investors like Nvidia typically commit early to purchase a portion of shares before a public listing, helping build investor confidence, a strategy also used in past IPOs from companies like Arm and SpaceX.

Revenue Growth Driving Valuation Surge

Anthropic’s annualized revenue has grown sharply, climbing from about $9 billion at the end of 2025 to more than $65 billion by July. The company previously raised $65 billion in May at a valuation near $965 billion. The IPO is expected to close before the November midterm elections, adding to a wave of major listings this year.