Reuters: Nvidia considers investing up to $10 billion in Anthropic’s IPO

Anthropic is in talks to bring Nvidia in as an anchor investor in its planned IPO, Reuters reports, citing two people familiar with the discussions.

The Claude maker is aiming to raise as much as $100 billion, which could value the company at around $2 trillion. Nvidia is considering an investment of up to $10 billion, according to one of Reuters’ sources. The talks are still ongoing and the terms could change, but the offering has the potential to become the largest IPO ever.

An anchor investor is a large institutional buyer that agrees to take a defined portion of an offering before shares are marketed more broadly. The structure is common in very large IPOs. Nvidia and Amazon were among the anchor investors in Arm’s listing, while Saudi Arabia’s Public Investment Fund participated in the SpaceX offering.

Nvidia already has a significant financial relationship with Anthropic. In November 2025, the chipmaker said it would invest up to $10 billion as part of a broader partnership under which Anthropic committed to buying $30 billion worth of Microsoft Azure compute powered by Nvidia accelerators.

• As demand for Claude grows, Anthropic has been rapidly expanding its access to computing capacity. In April, the company pledged to spend more than $100 billion over ten years on Amazon Web Services and deploy more than 1 million Trainium2 chips. It has also struck agreements with Google and Broadcom for several gigawatts of TPU capacity, while building an internal chip-design team to gain more control over hardware costs.
• The potential IPO would come after another major increase in Anthropic’s valuation. In May, the company raised $65 billion at a $965 billion valuation. Anthropic has said its annualized revenue exceeded $65 billion by the end of July, up from roughly $9 billion at the end of 2025. Reuters previously reported that the expected valuation is partly based on company projections for $190 billion to $200 billion in revenue by 2028.

Anthropic declined to comment, while Nvidia did not respond to Reuters’ request for comment.