Nvidia is in talks to invest as much as $10 billion in Anthropic’s planned initial public offering, according to a Reuters report. The chipmaker would act as an anchor investor, securing shares before public trading begins. No final agreement has been announced.
Anthropic is reportedly seeking up to $100 billion at a valuation around $2 trillion. At that size, the Claude developer’s offering would be the largest IPO on record. The listing is expected before the US midterm elections in November, though timing and valuation can change during an offering process.
The potential investor is also a major beneficiary of Anthropic’s infrastructure spending. Anthropic runs models on Nvidia GPUs and committed in 2025 to purchase $30 billion of Azure computing capacity built with those chips. The report says Anthropic’s annualized revenue grew from about $9 billion at the end of 2025 to more than $65 billion by July 2026. Nvidia has increasingly financed AI customers and supported data-center borrowing, creating a circular relationship in which some investment can return as hardware demand. That alignment may strengthen both companies, but it also concentrates financing and purchasing ties within the same AI supply chain.