Nvidia (NVDA) Eyes $10B Stake in Anthropic’s Historic $2 Trillion IPO

Key Highlights

• The semiconductor giant is negotiating to commit up to $10 billion as an anchor investor in Anthropic’s forthcoming public offering
• The AI startup aims to secure up to $100 billion in funding at approximately $2 trillion valuation
• If successful at its target price, this would mark history’s largest initial public offering
• The chipmaker previously committed up to $10 billion to Anthropic in November 2025 through a strategic partnership
• The public debut is slated for completion ahead of November’s U.S. midterm elections

The AI chipmaker is exploring a substantial position in Anthropic’s planned stock market debut, with discussions centered on a potential $10 billion commitment, according to a Friday Reuters report. Shares of Nvidia are currently trading near $218.29, showing a slight 0.03% decline for the session.

NVIDIA Corporation, NVDA

The artificial intelligence company is pursuing a capital raise that could reach $100 billion, potentially establishing a new benchmark for initial public offerings. Anthropic’s financial advisors are working toward a valuation target near $2 trillion. These terms remain under active negotiation and subject to modification.

Serving as an anchor investor means pledging to purchase a predetermined allocation of shares prior to the broader marketing campaign. Such commitments provide crucial early validation for an offering. Given the unprecedented scale of this listing, securing a prominent technology leader like Nvidia could prove strategically significant.

The relationship between the two companies extends beyond this potential IPO involvement. Last November, Nvidia disclosed plans to deploy up to $10 billion in Anthropic through an expanded commercial arrangement. That agreement featured Anthropic’s pledge to acquire $30 billion worth of Microsoft Azure cloud computing services running on Nvidia’s advanced chip technology.

Explosive Revenue Trajectory at Anthropic

The AI company’s annualized revenue reached beyond $65 billion by late July, representing a dramatic surge from approximately $9 billion recorded at 2025’s conclusion. This exceptional growth trajectory has become a key catalyst behind the company’s pursuit of public markets.

Earlier in May, the startup successfully closed a $65 billion funding round that valued the business at $965 billion post-money. Achieving the IPO’s $2 trillion objective would demonstrate remarkable valuation appreciation within just months.

Among Anthropic’s current investor base are technology giants Amazon and Google, who simultaneously serve as critical infrastructure providers. This past April saw Anthropic pledge over $100 billion across ten years to Amazon Web Services, with intentions to deploy more than one million of Amazon’s Trainium2 processors.

Additionally, the company has arranged with Google and Broadcom to incorporate multiple gigawatts of TPU infrastructure capacity, supporting its efforts to meet escalating demand for its Claude AI platform.

Banner Year for Public Offerings

The United States IPO landscape is experiencing an unprecedented year. Setting aside special-purpose acquisition vehicles, American IPOs have generated $137 billion in proceeds through August’s end, based on Dealogic tracking.

Anthropic’s market entry would follow SpaceX’s June public debut, another major offering that contributed significantly to pushing the market toward record territory.

The company is targeting completion of its public listing before November’s U.S. midterm election cycle. Internal projections show Anthropic anticipating revenues between $190 billion and $200 billion by 2028, financial estimates that support the ambitious $2 trillion valuation framework.

Representatives from Anthropic have not provided comment on the matter. Nvidia had not returned Reuters’ request for statement at the time of publication.