Nvidia in talks to invest up to $10 billion in Anthropic IPO
 |
Close-up of a hand holding a smartphone showing the NVIDIA logo on screen with a blurred background. |
SAN FRANCISCO — September 12, 2026
Nvidia is in discussions to become a major early investor in Anthropic's planned initial public offering, potentially putting up to $10 billion into the artificial intelligence company, according to people familiar with the matter. Anthropic is seeking to raise as much as $100 billion in an offering that could value the company at about $2 trillion.
The talks remain ongoing and the terms could change, the people said. They asked not to be identified because the discussions are private. Neither company had publicly confirmed the potential investment at the time of the report.
Nvidia's possible role as an anchor investor would strengthen its relationship with Anthropic, one of the largest users of its artificial intelligence chips. An anchor investor typically agrees to purchase a significant portion of an IPO before the shares are offered more widely, providing an early indication of institutional interest.
The potential investment also highlights the close financial and technological links between AI developers and the companies that provide the computing infrastructure they need. Anthropic relies heavily on Nvidia's graphics processing units, or GPUs, to train and operate its AI models, including Claude.
At the same time, Anthropic has been working to reduce its dependence on a single chip supplier as demand for Claude has increased. The company is also building an internal team to develop custom chips that could give it more control over the cost and availability of computing hardware.
Nvidia and Anthropic already have a major business relationship. In November 2025, Nvidia said it planned to invest up to $10 billion in Anthropic as part of a broader agreement under which Anthropic committed to purchase $30 billion of computing capacity from Microsoft Azure using Nvidia-powered infrastructure.
Anthropic has also secured major commitments involving other technology companies. Amazon and Google are among its investors as well as important computing suppliers. In April, Anthropic said it would spend more than $100 billion over 10 years on Amazon Web Services while using more than 1 million of Amazon's Trainium2 chips.
The company has also reached an agreement with Google and Broadcom to expand its access to Google's AI processors, known as TPUs. These deals reflect Anthropic's effort to secure the large amount of computing power required to support the rapid growth of its AI business.
Anthropic's planned stock-market listing could represent another major increase in its valuation. The company raised $65 billion in May at a post-money valuation of $965 billion, meaning the company's value after that funding round was completed.
Its annualized revenue run rate, a measure that projects current revenue over a full year, had risen above $65 billion by the end of July, compared with about $9 billion at the end of 2025, according to the company.
The potential $2 trillion valuation is also linked to Anthropic's expectations for future growth. The company has projected annual revenue of roughly $190 billion to $200 billion in 2028, according to earlier reporting.
Anthropic is expected to complete its IPO before the U.S. midterm elections in November, according to the people familiar with the plans. If it reaches its proposed size, the offering would become one of the largest, and potentially the largest, IPOs ever.
The planned listing comes as the U.S. IPO market has experienced a strong year. Companies excluding special-purpose acquisition companies, or SPACs, had raised a record $137 billion through the end of August, according to Dealogic.
For Anthropic, the IPO would test whether public-market investors are willing to support the enormous valuations and spending needs of leading AI companies. For Nvidia, a major investment would further tie the chipmaker's growth to the expansion of one of the world's most valuable AI model developers.
