Nvidia is considering investing as much as $10 billion in Anthropic's planned initial public offering, according to a Reuters report published Friday, September 11, citing people familiar with the discussions. The talks remain preliminary and the terms could still change.

The Scale of Anthropic's Planned IPO

Anthropic, the developer behind the Claude AI models, is reportedly seeking to raise as much as $100 billion at a valuation of roughly $2 trillion — a listing that would eclipse even SpaceX's record-setting IPO from earlier this year, which raised $85.7 billion at a valuation just under $1.8 trillion. If completed as reported, Anthropic's offering would become the largest IPO in history.

What an Anchor Investor Does

Nvidia is reportedly considering becoming an anchor investor in the offering — a role in which a major investor commits to buying a portion of an IPO before it's marketed more broadly, providing an early vote of confidence that helps attract other institutional buyers. For an offering of this unprecedented scale, an anchor commitment from a company as prominent as Nvidia could meaningfully de-risk the listing process and signal strong institutional demand from the outset.

How Fast Anthropic's Valuation Has Climbed

The scale of the jump reflects an extraordinarily rapid valuation trajectory. Anthropic raised $65 billion in May at a post-money valuation of $965 billion. That May round itself followed a $13 billion Series F round in late 2025 at $183 billion, and a $3.5 billion raise in March at just $61.5 billion — meaning Anthropic's valuation has grown roughly 30-fold in under a year if the reported $2 trillion IPO target materializes.

The Revenue Growth Behind the Numbers

Anthropic's annualized revenue run rate surpassed $65 billion by the end of July, up sharply from roughly $9 billion at the end of 2025 — a more than sevenfold increase in under a year. According to Reuters, part of the ambitious $2 trillion valuation target is based on internal projections of $190 billion to $200 billion in revenue by 2028.

A Deepening Relationship With Nvidia

A potential IPO stake would extend an already substantial relationship between the two companies. In November 2025, Nvidia and Microsoft jointly committed $15 billion to Anthropic — Nvidia contributing up to $10 billion and Microsoft up to $5 billion — pushing Anthropic's valuation to roughly $350 billion at the time. As part of that earlier deal, Anthropic agreed to purchase $30 billion in Azure compute capacity from Microsoft, along with access to Nvidia's Grace Blackwell and Vera Rubin chip systems. Nvidia CEO Jensen Huang described that partnership at the time as "a dream come true," saying Nvidia had admired Anthropic's work for years.

Why Nvidia Has a Strategic Interest Beyond Returns

Anthropic relies heavily on Nvidia GPUs to power its AI models, while also expanding its use of Amazon's Trainium chips and Google's TPUs as it works to diversify its computing supply amid surging demand for Claude. For Nvidia, a stake in Anthropic's IPO would do more than offer a financial return — it would reinforce Nvidia's position as a preferred hardware partner across the broader AI value chain, at a moment when major AI labs are increasingly seeking to diversify away from any single chip supplier.

Anthropic's Own Chip Diversification Push

Notably, even as Nvidia weighs a deeper financial stake, Anthropic has been working to reduce its dependence on any single external hardware provider — including building an internal team focused on developing chips designed specifically for Claude, a sign of the company's longer-term ambition to control more of its own computing infrastructure destiny.

Timing and Broader Market Context

Media reports suggest the IPO could land in an October window, ahead of the US midterm elections in November. If completed on that timeline, the listing would arrive amid what's already been a historically strong year for US IPOs, following SpaceX's record-breaking debut earlier in 2026.

Anthropic Also Racing OpenAI Toward Public Markets

Anthropic's potential offering is unfolding alongside similar public-market ambitions from rival OpenAI, which has separately been in talks to raise as much as $100 billion at a valuation of up to $830 billion — underscoring how directly the two leading AI labs are now converging on public markets as a next stage of their competition, not just for model performance and enterprise customers, but for institutional capital as well.

What's Still Unclear

Both Anthropic and Nvidia declined to comment on the reporting. As with any deal still in the discussion phase, the specific terms, timing, and final size of Nvidia's potential stake — along with the ultimate scale of Anthropic's IPO itself — remain subject to change before any formal announcement. For continuing coverage, see the full Reuters Technology report.