Nvidia in Talks for $10B Investment as Anthropic IPO Shifts to October Targeting $2 Trillion Valuation

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Anthropic is delaying its highly anticipated IPO launch to mid-October, with Nvidia considering a $10 billion anchor investment in what could become the largest public offering in history. The artificial intelligence company aims to raise up to $100 billion at a potential $2 trillion valuation, testing public-market appetite for AI as it races to complete the listing before November's US midterm elections.

Nvidia Emerges as Potential Anchor Investor in Historic Anthropic IPO

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plans have taken a significant turn with Nvidia in talks to invest up to $10 billion as an anchor investor in what could become the largest initial public offering in history. The artificial intelligence company is seeking to raise as much as $100 billion that could value it at around $2 trillion, according to sources familiar with the matter. Nvidia's potential involvement would deepen ties between the chipmaker and one of its major customers while providing crucial early strategic backing for the outsized offering. Bringing a deep-pocketed anchor investor like Nvidia onboard could boost investor confidence in the listing, which represents a major test of public-market appetite for AI companies and their enormous valuations.

Source: Benzinga

Source: Benzinga

Anthropic IPO Launch Timeline Shifts to Mid-October

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timeline has been adjusted, with Anthropic now expected to begin marketing its offering in mid-October at the earliest. The company had initially planned to make its prospectus public as early as this week, but that crucial step is now not expected until late September. The listing is targeted for completion days before the US midterm elections in November. As part of the IPO process, Anthropic is working to finalize a $15 billion revolving credit facility, after which analysts from banks involved in the financing will meet with the company. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the offering.

Complex Ties Between AI Model Developers and Chip Suppliers

The deepened relationship between Nvidia and Anthropic highlights the intricate connections within the AI industry. Anthropic relies heavily on Nvidia GPUs while simultaneously seeking to diversify its chip suppliers as demand for Claude AI models has strained its available computing capacity. In November 2025, Nvidia committed to invest up to $10 billion in the startup as part of a broader partnership under which Anthropic agreed to purchase $30 billion of Microsoft Azure computing capacity powered by Nvidia chips. The company already counts Amazon and Google among its major backers and compute suppliers. In April, Anthropic committed more than $100 billion over a decade to Amazon's AWS while planning to use over 1 million of Amazon's Trainium2 chips.

Source: Market Screener

Source: Market Screener

Revenue Surge Drives Massive Valuation Expectations

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valuation hinges partly on aggressive revenue projections. The Claude maker raised $65 billion in May at a post-money valuation of $965 billion. Its annualized revenue run rate climbed above $65 billion by the end of July, up dramatically from approximately $9 billion at the end of 2025. The potential $2 trillion valuation also depends on company projections of roughly $190 billion to $200 billion in revenue in 2028. This explosive growth trajectory underscores why investor appetite for AI companies has reached fever pitch, with public markets eager for exposure to the rapidly expanding artificial intelligence sector.

Strategic Positioning Amid Competitive AI Landscape

The offering is expected to be one of the most closely anticipated IPOs ever as it could arrive alongside potential listings from other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation, setting a high bar for tech valuations. Anthropic is also working to gain greater control over hardware costs by forming an in-house team to design custom chips tailored to Claude. The company has agreed with Google and Broadcom to add multiple gigawatts of TPU capacity, demonstrating its strategy to secure diverse computing resources. Market conditions and regulatory reviews continue to shape the final timeline, though such adjustments are common as companies navigate the complex pre-IPO announcement process. The timing before the US midterm elections adds another layer of consideration for what could be a defining moment for public-market appetite for AI.

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