Nvidia (NVDA) Eyes $10B Stake in Anthropic’s Historic IPO Push

Key Highlights

• The chip giant is negotiating to commit $10 billion as an anchor investor in Anthropic’s public offering
• The AI company seeks to raise $100 billion with a valuation approaching $2 trillion
• If successful, this would mark the biggest initial public offering ever recorded
• The two companies previously established a partnership in November 2025, with Nvidia committing $10 billion
• Anthropic plans to complete its market debut ahead of November’s U.S. midterm elections

The semiconductor giant is engaged in discussions to secure a substantial position in Anthropic’s forthcoming public offering, potentially committing $10 billion to the deal, according to a Friday Reuters report. Shares of the chipmaker were trading near $218.29, showing a marginal decline of 0.03% during the session.

NVIDIA Corporation, NVDA

The artificial intelligence startup is pursuing a capital raise that could reach $100 billion, positioning itself for what would be an unprecedented public market debut. Anthropic has set its sights on a market capitalization near $2 trillion. However, these figures remain under discussion and may shift as negotiations progress.

Companies that serve as anchor investors pledge to purchase a predetermined allocation of shares before the broader marketing campaign begins. This early commitment provides crucial credibility to the offering. Given the extraordinary scale of this potential listing, securing a prominent technology partner like Nvidia could prove instrumental.

The relationship between the two companies extends beyond this potential IPO involvement. Last November, Nvidia disclosed plans to deploy up to $10 billion in Anthropic through a comprehensive strategic alliance. The arrangement also featured Anthropic’s pledge to acquire $30 billion worth of Microsoft Azure cloud computing resources running on Nvidia’s processors.

Explosive Revenue Trajectory at Anthropic

The startup’s revenue momentum has been remarkable, with its annualized run rate surpassing $65 billion by July’s conclusion. This represents dramatic growth from the approximately $9 billion figure recorded at the close of 2025. Such explosive expansion is fueling the company’s ambitions for a public market entry.

Just months earlier in May, Anthropic secured $65 billion in private funding at a $965 billion post-money valuation. Achieving the proposed $2 trillion IPO valuation would represent more than a doubling of the company’s worth in a matter of months.

Among Anthropic’s current financial backers are tech behemoths Amazon and Google, both of which also serve as critical infrastructure providers. The company announced in April a commitment exceeding $100 billion over ten years to Amazon Web Services, including plans to deploy over one million Trainium2 chips from Amazon.

Additionally, partnerships with Google and Broadcom will bring multiple gigawatts of TPU computing capacity online as Anthropic scales its Claude platform to meet soaring user demand.

Banner Year for Public Offerings

The American IPO landscape has experienced an exceptional twelve months. Data from Dealogic shows that traditional IPOs in the United States generated $137 billion in proceeds through August, excluding special-purpose acquisition vehicles.

Anthropic’s market debut would follow SpaceX’s June listing, another high-profile offering that contributed significantly to this year’s record-setting activity.

The company is targeting completion of its IPO before voters head to the polls for the November midterm elections. Supporting the ambitious $2 trillion valuation target, Anthropic has projected annual revenues between $190 billion and $200 billion by 2028.

Representatives for Anthropic declined to provide commentary on the matter. Nvidia had not returned requests for comment from Reuters at the time of publication.

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