Nvidia is considering a $10 billion investment in Anthropic's planned IPO, sources told Reuters, as the AI developer seeks an anchor investor before going public.
The talks remain private and terms could change. If the deal proceeds, Nvidia would secure a fixed portion of the offering before shares are marketed more broadly. Anchor investors are common in large IPOs to help secure funding before wider public demand is tested.
Anthropic is targeting a valuation near $2 trillion and seeks to raise as much as $100 billion in the offering. The company projects revenues between $190 billion and $200 billion by 2028.
Nvidia already committed up to $10 billion to Anthropic through a wider partnership announced in November 2025. Under that arrangement, Anthropic agreed to spend $30 billion on Microsoft Azure computing capacity powered by Nvidia hardware.
Anthropic uses large numbers of Nvidia GPUs to train and run its models but is diversifying its chip suppliers as demand for Claude has strained computing capacity. The company has agreements with Amazon, Google, and Broadcom to expand compute resources and is building an internal chip team for custom hardware.
In May, Anthropic raised $65 billion at a post-money valuation of $965 billion. By July, the company's annualized revenue run rate exceeded $65 billion, declining to $9 billion by December.
The IPO would follow other major listings in a record U.S. market. U.S. IPOs excluding special-purpose acquisition companies raised $137 billion through the end of August, according to Dealogic.
