Nvidia is reportedly in talks to become a major investor in Anthropic’s planned stock market debut, in what could become one of the largest technology IPOs in history. According to people familiar with the discussions, Nvidia is considering investing as much as $10 billion in the artificial intelligence company as an anchor investor. Anthropic is seeking to raise as much as $100 billion through the offering, which could value the company at around $2 trillion. The plans are still under discussion and could change, meaning that neither the investment amount nor the final size and valuation of the IPO have been confirmed.
The potential investment would deepen an already significant relationship between Nvidia and Anthropic. Nvidia is one of the world’s leading suppliers of the powerful graphics processing units needed to train and operate advanced AI models, while Anthropic has become one of the company’s major customers. The two companies announced a broader partnership in 2025 that included Nvidia’s plans to invest up to $10 billion in Anthropic, alongside a commitment from Anthropic to purchase $30 billion worth of Microsoft Azure computing capacity powered by Nvidia chips. Anthropic is also working with other major technology companies, including Amazon, Google and Broadcom, as it looks to secure the enormous computing resources required to develop and operate its AI systems.
Anthropic’s rapid growth has helped drive expectations for an unusually large public offering. The company raised $65 billion in May at a post money valuation of approximately $965 billion, while its annualized revenue run rate reportedly exceeded $65 billion by the end of July, compared with around $9 billion at the end of 2025. Anthropic is seeking additional computing power as demand for its Claude AI products continues to grow, while the company is also developing its own custom chips in an effort to gain greater control over hardware costs. The potential IPO could therefore provide the company with an enormous amount of capital to expand its infrastructure and compete with other leading AI developers.
If completed at the reported scale, Anthropic’s IPO would represent a major test of investor confidence in the future of artificial intelligence. The company could seek a valuation of around $2 trillion, despite having only recently reached a private valuation below $1 trillion, illustrating how quickly expectations surrounding leading AI companies have changed. Anthropic is reportedly aiming to complete the listing before the U.S. midterm elections in November, although the exact timing remains uncertain. Nvidia’s possible role as an anchor investor could provide an important signal to other investors and further demonstrate how closely the semiconductor industry and AI developers have become linked as companies compete to build increasingly powerful AI systems.
