Nvidia is considering investing as much as $10 billion in Anthropic’s planned initial public offering, potentially becoming an anchor investor in a deal that could raise up to $100 billion and value the Claude developer at roughly $2 trillion.
The discussions remain private and could still change, but Reuters reported that Anthropic is targeting completion of the offering before the U.S. midterm elections in November. Neither Nvidia nor Anthropic commented on the talks.
If completed at the proposed size, the offering would rank among the largest equity listings ever and dramatically raise the stakes in the AI capital race.
Nvidia Would Be Investing in One of Its Biggest Customers
The strategic relationship makes Nvidia’s potential involvement more interesting than a conventional IPO investment.
Anthropic relies heavily on Nvidia GPUs and previously committed to purchase $30 billion of Microsoft Azure capacity powered by Nvidia chips. Nvidia itself had already agreed in 2025 to invest up to $10 billion in Anthropic through a broader infrastructure partnership.
Anthropic is also spending aggressively to diversify its compute base, including agreements with Amazon and Google, while building an internal custom-chip team.
That creates a notable capital loop: Nvidia sells the hardware powering frontier AI, while potentially supplying capital to a company that is one of the largest buyers of that hardware.
The arrangement could strengthen confidence in Anthropic’s listing, but it may also intensify investor scrutiny over how closely AI developers, cloud providers and chipmakers are financially intertwined.
Coinpaper previously tracked Anthropic’s rapid rise toward a $2 trillion IPO valuation and its confidential IPO filing.
Anthropic’s Revenue Growth Is Driving the Valuation
The valuation case rests heavily on extraordinary revenue growth.
Anthropic’s annualized revenue run rate surpassed $65 billion by the end of July, up from about $47 billion in May and roughly $9 billion at the end of 2025.
Reuters reported that the company’s longer-term projections envision approximately $190 billion to $200 billion of revenue in 2028.
At a $2 trillion valuation, Anthropic would therefore be priced at roughly 31 times its current annualized revenue run rate, although that multiple would fall sharply if its forecasts are achieved.
| May 2026 valuation | $965B |
| Proposed IPO valuation | ~$2T |
| Potential IPO raise | Up to $100B |
| Nvidia investment discussed | Up to $10B |
| July revenue run rate | >$65B |
| 2028 revenue projection | ~$190B–$200B |
OpenAI Just Cleared the Path
The timing could give Anthropic another advantage.
OpenAI CEO Sam Altman said this weekend that OpenAI will not go public in 2026, citing growing AI-safety concerns and arguing that the current environment is not the right moment for an IPO.
That potentially removes Anthropic’s closest private AI rival from this year’s IPO calendar.
U.S. IPOs had already raised a record $137 billion through August, according to Dealogic data cited by Reuters. Anthropic alone is now discussing an offering approaching that entire total.
The result is a striking reversal: while AI executives are increasingly warning that frontier development may need tighter safeguards, the capital required to fund that race is getting larger.
And if Nvidia commits billions to Anthropic’s IPO, the company selling the picks and shovels of the AI boom would also become one of the biggest investors financing the race itself.
Be the first to comment