Anthropic is planning what could be the biggest IPO in history, with the artificial intelligence giant looking to raise as much as $100 billion at a valuation of around $2 trillion. Nvidia is in talks to become a major early investor in the offering, according to two people familiar with the matter cited by Reuters.Nvidia is considering putting up to $10 billion into the IPO, one of the people said. The talks are still going on and the plans could change, the sources said. They requested anonymity because the discussions are private.If the deal goes ahead, Nvidia would become an early investor in what could be the biggest IPO ever. Its involvement could also strengthen the close business relationship between Nvidia and Anthropic, one of the chipmaker’s major customers.
Nvidia and Anthropic’s growing ties
Nvidia’s possible investment comes as Anthropic depends heavily on Nvidia’s chips to run its AI models. At the same time, Anthropic is looking for other chip suppliers as rising demand for Claude has put pressure on its available computing capacity.Nvidia had already said in November 2025 that it would invest up to $10 billion in Anthropic as part of a wider partnership. Under the deal, Anthropic agreed to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.Anchor investors usually agree to buy a fixed amount of shares before an IPO is offered to the wider market. Their early investment can give other investors confidence in the listing.Large IPOs have increasingly looked for such early investors because of the huge amounts of money they are trying to raise. Nvidia and Amazon were among the anchor investors in chip designer Arm’s IPO, while Saudi Arabia’s PIF was among the anchor investors for SpaceX.
Amazon and Google are also major backers
Anthropic already has some of the world’s biggest technology companies as investors. Amazon and Google are also among its major suppliers of computing power.In April, Anthropic said it would commit more than $100 billion over 10 years to Amazon’s AWS while using more than 1 million of Amazon’s Trainium2 chips. It has also agreed with Google and Broadcom to add several gigawatts of TPU capacity.The company is trying to get access to more computing power as its revenue has grown sharply. It is also building an in-house team to design its own chips for Claude, with the aim of having greater control over its hardware costs.
From $965 billion to a possible $2 trillion
The proposed IPO would mark another big jump in Anthropic’s valuation.The Claude maker raised $65 billion in May at a post-money valuation of $965 billion. Its annualised revenue run rate had crossed $65 billion by the end of July, compared with about $9 billion at the end of 2025, according to the company.The possible $2 trillion valuation also depends partly on Anthropic’s projections of around $190 billion to $200 billion in revenue in 2028, Reuters previously reported.The listing is expected to be completed before the US midterm elections in November.An Anthropic listing would add to a series of major IPOs that have helped push the US market towards a record year. Elon Musk’s SpaceX made its debut in June.US IPOs, excluding special-purpose acquisition companies, raised a record $137 billion through the end of August, according to Dealogic.
