Artificial intelligence startup Anthropic is in discussions to bring Nvidia onboard as an anchor investor for its initial public offering (IPO), according to two people familiar with the matter. Sources told Reuters that Anthropic is looking to raise as much as $100 billion, a figure that could value the company at approximately $2 trillion. Nvidia is reportedly considering a contribution of up to $10 billion to the listing.
The potential investment follows a series of financial and technical agreements between Anthropic and major technology providers. In November 2025, Nvidia announced a plan to invest up to $10 billion in Anthropic as part of a partnership that included Anthropic committing to buy $30 billion in Microsoft Azure computing services powered by Nvidia hardware. Anthropic also has existing agreements with Amazon and Google for computing capacity and capital.
Anthropic produces the Claude AI model and has seen its revenue grow from approximately $9 billion at the end of 2025 to an annualized run rate above $65 billion by July 2026. To manage its expanding hardware requirements, the company recently formed an internal team to design custom chips. The startup previously raised $65 billion in May 2026, reaching a valuation of $965 billion at that time.
Nvidia’s participation as an anchor investor means it would commit to purchasing a specific portion of shares before the broader marketing of the IPO begins. This role is intended to provide an early vote of confidence to other market participants. For Anthropic, the move provides the capital necessary to maintain its high compute requirements, which include a $100 billion decade-long commitment to Amazon’s AWS and multiple gigawatts of capacity from Google and Broadcom.
The listing is expected to conclude before the U.S. midterm elections in November 2026. The final valuation and success of the IPO will likely depend on whether Anthropic meets its internal projections of reaching $190 billion to $200 billion in revenue by 2028. Anthropic has declined to comment on the negotiations, and Nvidia has not yet responded to inquiries regarding the potential $10 billion investment.
What happens next: The IPO is expected to complete before the U.S. midterm elections in November 2026. However, sources cautioned that the plans remain under discussion and are subject to change.