Nvidia Eyes $10 Billion Investment in Anthropic IPO Targeting $2 Trillion Valuation

Nvidia Weighs Historic Anchor Investment in Anthropic IPO

Nvidia is in discussions to invest up to $10 billion in Anthropic's initial public offering as an anchor investor, according to Reuters2

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. The AI startup behind Claude is seeking to raise as much as $100 billion at a valuation of around $2 trillion, which would make it the largest listing in history1

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. The plans remain under discussion and could change, according to people familiar with the matter who requested anonymity2

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Bringing Nvidia as an anchor investor would give Anthropic an early strategic backer for the outsized offering while further deepening ties between the chipmaker and one of its major customers2

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. An anchor investor typically commits to buying a set portion of an IPO before it is marketed more broadly, providing an early vote of confidence in the shares3

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. This approach has become increasingly common for mega IPOs, with chip designer Arm's anchor investors including Nvidia and Amazon, while Saudi Arabia's PIF was among SpaceX's anchor investors2

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Anthropic's Explosive Revenue Growth Fuels Valuation Jump

Anthroptic's planned IPO represents a sharp jump from its $965 billion post-money valuation after a $65 billion funding round in May3

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. The company's annualized revenue run rate surpassed $65 billion by the end of July, up from roughly $9 billion at the end of 20254

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. Anthropic's quarterly revenue passed $11.5 billion in August, fourteen times a year earlier1

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The potential $2 trillion valuation hinges in part on company projections of roughly $190 billion to $200 billion in revenue in 20282

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. The listing is expected to complete before the U.S. midterm elections in November4

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, marking a major test of public-market appetite for the enormous valuations and capital requirements of frontier AI companies2

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Complex Web of AI Infrastructure Partnerships

The deepened relationship between Nvidia and Anthropic highlights the complex ties between AI model training companies and the suppliers providing enormous amounts of compute power2

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. Anthropic relies heavily on Nvidia GPUs while also seeking to diversify its AI chips suppliers as demand for Claude has strained its available computing capacity2

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In November 2025, Nvidia said it would invest up to $10 billion in the AI startup as part of a broader partnership under which Anthropic committed to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips2

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. Anthropic already counts the biggest tech companies in the world as backers, including Amazon and Google, who are also its major compute suppliers2

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In April, Anthropic said it would commit more than $100 billion over a decade to Amazon's AWS while using more than 1 million of Amazon's Trainium2 chips2

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. The company has also agreed with Google and Broadcom to add multiple gigawatts of TPU capacity4

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. Anthropic is working to gain greater control over its AI hardware costs by forming an in-house team to design custom chips tailored to Claude2

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Nvidia's Investment Pattern Raises Questions

Nvidia invests in companies that buy its chips, then supplies them, and in some cases leases the AI hardware back1

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. The Bank for International Settlements has warned that the terms of these arrangements are poorly disclosed1

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. Three days before the Anthropic IPO talks emerged, Nvidia returned as an investor in Mistral AI's EUR 3 billion round, which closed on September 8 at a valuation above EUR 21 billion1

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. That was the largest equity round a European technology company has ever raised1

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The cheque Nvidia is weighing for Anthropic is bigger than all of Mistral's round and close to half of what Mistral is worth in total1

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. Both companies buy Nvidia chips, but what the money is for differs1

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. Mistral's round funds cloud computing inside Europe, a gigawatt of it by 2030, and a business built on selling AI sovereignty to governments and regulated industries1

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. European institutions will be offered a piece of Anthropic's IPO, priced in part by an American supplier that already owns a slice of the alternative1

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