Anthropic is in negotiations to include Nvidia as an anchor investor in what may be the biggest IPO in history.
Anthropic is looking to raise to $100 billion, which could put the artificial intelligence startup’s valuation at almost $2 trillion. Nvidia may invest up to $10 billion in the IPO.
In addition to providing Anthropic with an early strategic supporter for the large offering, Nvidia’s possible participation in the IPO—which has not yet been disclosed—would strengthen the relationship between the chipmaker and one of its main clients.
Investor confidence in the IPO, which is expected to be a significant test of public-market appetite for the massive valuations and capital requirements of frontier AI labs, may be increased by bringing on a wealthy anchor investor like Nvidia.
An early vote of confidence in the shares is given by anchor investors, who are usually institutional investors who pledge to purchase a specific percentage of an IPO before its wider marketing.
Given the substantial sums they aim to raise, mega IPOs are increasingly lining up early institutional commitments. Saudi Arabia’s PIF was one of SpaceX’s core investors, while Nvidia and Amazon were among those of chip creator Arm.
The strengthened bond demonstrates the intricate connections between AI model creators and the businesses that provide the massive quantities of processing power they need.
As demand for Claude has put a strain on Anthropic’s available computer capacity, the company is looking to diversify its chip vendors while simultaneously relying largely on Nvidia GPUs.
Nvidia announced in November 2025 that it would invest up to $10 billion in the AI startup as part of a larger agreement whereby Anthropic agreed to purchase $30 billion worth of Nvidia-powered Microsoft Azure computer capacity.
The largest tech corporations in the world are already backers of Anthropic.
These include Google and Amazon, two of its main sources of computing power. Anthropic said in April that it would use more than one million of Amazon’s Trainium2 processors and invest more than $100 billion over ten years in Amazon’s AWS.
Additionally, it has reached an agreement to add several gigawatts of TPU capacity with Google and Broadcom.
As its income has increased, the corporation has been attempting to obtain additional compute. By assembling an internal team to create specialized chips for Claude, it is also attempting to take more control over its hardware expenses.
The listing is expected to be finalized before the November U.S. midterm elections, which would result in an additional increase in Anthropic’s valuation.
At a post-money valuation of $965 billion, the Claude manufacturer raised $65 billion in May. According to the firm, its annualized revenue run rate increased from over $9 billion at the end of 2025 to over $65 billion by the end of July. The company’s projected sales of $190 billion to $200 billion in 2028 will also factor into the potential valuation.
Following Elon Musk’s SpaceX launch in June, a series of blockbuster listings, including the anticipated Anthropic IPO, have driven the U.S. IPO market toward a record year.
According to Dealogic, U.S. initial public offerings (IPOs) have raised a record $137 billion through the end of August, excluding special-purpose acquisition firms.
