NVIDIA might invest $10B in Anthropic's upcoming IPO
What's the story
Anthropic, a leading artificial intelligence (AI) firm, is said to be in talks with NVIDIA for its upcoming initial public offering (IPO). The move could be one of the largest IPOs in history, with Anthropic hoping to raise as much as $100 billion. If successful, this could value the company at around $2 trillion.
Investment details
NVIDIA's potential investment
NVIDIA is reportedly considering an investment of up to $10 billion in Anthropic's IPO.
The talks are still ongoing and could change, according to two people familiar with the matter who spoke to Reuters.
If it goes through, NVIDIA's involvement would provide Anthropic with a major strategic backer for its ambitious offering and further strengthen their business relationship.
Investor strategy
Role of anchor investors in mega IPOs
Anchor investors are usually institutional investors who agree to buy a specific portion of an IPO before it is broadly marketed.
This gives an early vote of confidence in the shares.
It has become common for mega IPOs to secure early institutional commitments due to their large fundraising goals.
Chip designer Arm had NVIDIA and Amazon as anchor investors, while Saudi Arabia's PIF was among SpaceX's anchor investors.
Tech partnerships
Existing partnership and chip supplier diversification strategy
Anthropic heavily relies on NVIDIA GPUs but is also looking to diversify its chip suppliers as demand for its AI model, Claude, has strained its computing capacity.
In November 2025, NVIDIA announced it would invest up to $10 billion in Anthropic as part of a broader partnership.
Under this agreement, Anthropic committed to buying $30 billion worth of Microsoft Azure computing capacity powered by NVIDIA chips.
Tech support
Backers of Anthropic
Anthropic counts some of the world's biggest tech companies as backers, including Amazon and Google.
In April, the company said it would commit over $100 billion over a decade to Amazon's AWS, using more than one million of Amazon's Trainium2 chips.
It has also partnered with Google and Broadcom to add several gigawatts of TPU capacity.
Future prospects
Expected completion timeline and valuation increase
The IPO, expected to be completed before the US midterm elections in November, would mark another jump in Anthropic's valuation.
The company raised $65 billion in May at a post-money valuation of $965 billion.
Its annualized revenue run rate had climbed above $65 billion by the end of July from about $9 billion at the end of 2025.