Nvidia in talks to anchor Anthropic's IPO with up to $10 billion, Reuters reports
The listing could raise as much as $100 billion at a valuation of roughly $2 trillion or more, which would make it the largest IPO in history, with pricing expected before the November midterms.
Nvidia is negotiating to invest up to $10 billion as an anchor investor in Anthropic's planned initial public offering, according to a Reuters report relayed by The Decoder and 24/7 Wall St. An anchor investor locks in shares before the stock trades on the open market. The Decoder says Anthropic wants to raise up to $100 billion at a valuation of around $2 trillion, which would be the largest IPO ever. 24/7 Wall St. puts the targeted valuation at as much as $2.3 trillion. Both outlets say the offering is expected to complete before the US midterm elections in November. The two companies are already tightly linked. Anthropic runs on Nvidia GPUs and committed in 2025 to buying $30 billion of Azure compute built on Nvidia chips. Anthropic's revenue run rate rose from about $9 billion at the end of 2025 to more than $65 billion by July 2026, and 24/7 Wall St. cites projections of $190 billion for 2028. The Decoder frames the stake as part of Nvidia's role as a de facto central bank for the industry, investing in customers such as Anthropic and OpenAI while backing about $300 billion in guarantees that help data centers secure financing, much of which returns to Nvidia as chip orders. The talks are unconfirmed by either company in the supplied reporting.