Key Points
- The GPU manufacturer is negotiating to serve as an anchor investor with a potential $10 billion commitment to Anthropic’s public offering
- The AI company seeks to raise up to $100 billion and achieve approximately $2 trillion in market capitalization
- If successful, this would represent the most substantial initial public offering ever recorded
- A previous investment of up to $10 billion was made by Nvidia in the AI startup during November 2025 through a strategic partnership
- The public debut is anticipated to occur prior to November’s U.S. midterm elections
The semiconductor giant is engaged in discussions to secure a substantial position in Anthropic’s forthcoming public offering, with potential investments reaching $10 billion, according to a Reuters report published Friday. Trading activity shows Nvidia hovering near $218.29, reflecting a modest 0.03% decline during the session.
The artificial intelligence company has set ambitious fundraising goals of up to $100 billion, potentially establishing a new benchmark for IPO magnitude. Anthropic’s management is pursuing a market capitalization approaching $2 trillion. These terms remain under active negotiation and subject to modification.
Companies serving as anchor investors pledge to purchase predetermined shares before public marketing campaigns commence. This arrangement provides crucial early validation for the offering. Given the unprecedented scale of this listing, securing participation from an industry heavyweight like Nvidia carries significant weight.
The relationship between the chip manufacturer and the AI startup extends beyond this potential investment. Last November, Nvidia unveiled plans to inject up to $10 billion into Anthropic through a comprehensive business arrangement. This agreement incorporated Anthropic’s pledge to acquire $30 billion worth of Microsoft Azure cloud computing resources utilizing Nvidia’s semiconductor technology.
Explosive Revenue Trajectory at Anthropic
Financial performance at Anthropic has accelerated dramatically, with annualized revenue exceeding $65 billion by late July, representing substantial growth from approximately $9 billion recorded at 2025’s conclusion. This remarkable expansion underlies the company’s determination to pursue public market entry.
A funding round completed in May brought $65 billion into Anthropic’s coffers, establishing a post-investment valuation of $965 billion. Successfully executing an IPO at the targeted $2 trillion level would signify a dramatic appreciation within mere months.
Major technology corporations including Amazon and Google maintain significant ownership stakes in Anthropic while simultaneously providing critical computing infrastructure. This past April saw Anthropic pledge over $100 billion across ten years to Amazon Web Services, including plans to deploy more than one million Trainium2 processors.
Additional infrastructure agreements with Google and Broadcom will introduce multiple gigawatts of TPU computing power, supporting escalating Claude platform requirements.
Historic IPO Activity Levels
American capital markets have experienced unprecedented IPO volume this year. Data from Dealogic indicates U.S. initial public offerings generated $137 billion through August’s end, excluding special-purpose acquisition vehicles.
Anthropic’s market debut would follow SpaceX’s June listing, another landmark transaction that contributed significantly to record-setting market activity.
Completion of the public offering is scheduled ahead of November’s U.S. midterm congressional elections. Financial projections from Anthropic anticipate annual revenues between $190 billion and $200 billion by 2028, forming the foundation for the ambitious $2 trillion valuation objective.
Representatives from Anthropic have refused to provide commentary. Nvidia had not furnished a response to Reuters’ inquiry at the time of publication.
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