Nvidia is in discussions to invest as much as $10 billion in Anthropic’s forthcoming initial public offering, according to people familiar with the matter. The potential commitment would position the chipmaker as an anchor investor in what could rank among the largest public listings on record.

Anthropic is seeking to raise up to $100 billion through the offering, a sum that could place the artificial-intelligence company’s valuation at approximately $2 trillion. The plans remain under discussion and may change. Sources requested anonymity because the talks are confidential. Nvidia’s possible role in the IPO had not been reported previously.

Strategic Role of an Anchor Investor

Anchor investors typically agree in advance to purchase a fixed portion of shares, providing early certainty for oversized offerings before shares are marketed more broadly. Similar arrangements have appeared in other large listings, including Arm Holdings, where Nvidia and Amazon participated as anchors.

For Anthropic, securing Nvidia early would supply a committed buyer of substantial size. For Nvidia the move would deepen an existing commercial relationship. Anthropic relies heavily on Nvidia graphics processing units to train and operate its models, while also pursuing capacity from additional suppliers to meet rising demand.

Existing Partnership and Prior Investment Talks

In November 2025 Nvidia announced plans to invest as much as $10 billion in Anthropic under a broader collaboration. As part of that arrangement Anthropic committed to spend $30 billion on Microsoft Azure computing capacity that uses Nvidia hardware. Amazon and Google, already investors in Anthropic, also supply significant computing resources. Anthropic has further agreements with Amazon Web Services involving more than one million Trainium chips and multi-gigawatt capacity arrangements with Google and Broadcom.

Anthropic is simultaneously developing an internal chip team aimed at greater control over hardware costs as model demand continues to climb.

Rapid Growth in Revenue and Valuation

Anthropic raised $65 billion in a funding round completed in May at a post-money valuation of $965 billion. By July its annualized revenue run rate had exceeded $65 billion, compared with roughly $9 billion at the end of the prior December. Company projections cited in reporting point to revenue of $190 billion to $200 billion by 2028.

The planned listing is expected to occur before the U.S. midterm elections in November. It would enter a domestic IPO market that has already set records, with U.S. offerings excluding special-purpose acquisition companies raising $137 billion through the end of August, according to Dealogic data. The Anthropic offering is anticipated to match or exceed the scale of SpaceX’s recent debut.

Anthropic counts the largest technology companies among its backers and compute providers. The potential Nvidia participation would further intertwine the chip supplier with one of its major customers at a moment when capital requirements for frontier AI development remain exceptionally high.