Nvidia is in talks to back Anthropic's initial public offering with as much as $10 billion, according to Reuters. Anthropic is seeking to raise up to $100 billion at a valuation near $2 trillion, though neither company has confirmed these figures.
The proposed deal would surpass SpaceX's current record. SpaceX raised $75 billion at roughly $1.8 trillion valuation in June, with the stock closing 19% higher on its first day of trading.
The Investment Structure
Nvidia's $10 billion commitment would cover roughly one-tenth of the targeted raise. The chipmaker made a similar $10 billion commitment in November 2025 and also guarantees a $105 billion backstop on AI data center leases.
As an anchor investor, Nvidia's large share purchase before listing opens would signal price credibility to other buyers, a critical step in establishing the deal's viability.
Market Signals
Pre-IPO trading is already pricing Anthropic above SpaceX. Nineteen exchanges list pre-IPO perpetual futures contracts on Anthropic, available on platforms including Kraken, Coinbase, and Binance. These contracts showed an average valuation of $1.94 trillion at the start of September, according to CoinGecko—already exceeding SpaceX's pricing valuation.
On Polymarket, traders give the IPO a 67% probability of completing by October 31, with odds rising to 85% by November 15 and 90% by year end, based on $2.89 million in trading volume.
Anthropic filed confidentially for its IPO in June and has yet to publish its prospectus.
