Nvidia is in discussions about becoming an anchor investor in a proposed Anthropic initial public offering, according to a Reuters report, potentially putting the leading supplier of AI chips among the first buyers in a flotation of one of its major computing customers. One person familiar with the talks said Nvidia is considering an investment of as much as $10 billion.
The prospective transaction is exceptional even by the standards of the AI boom. Two people familiar with the matter told Reuters that Anthropic is seeking to raise up to $100 billion at a valuation of about $2 trillion. Neither figure represents a public offering launch, filed prospectus or signed commitment. Anthropic declined to comment to Reuters, while Nvidia did not immediately respond.
Reported terms would test public-market appetite
At the reported upper bounds, a $10 billion Nvidia allocation would equal 10% of a $100 billion offering. That would make Nvidia a consequential early buyer without, on its own, accounting for most of the capital Anthropic is said to be seeking. The terms remain under discussion and could change, Reuters reported.
An anchor investor typically signals demand ahead of an offering by agreeing to buy a defined allocation. In this case, the reported arrangement would also deepen the financial ties between an AI-model developer and a company whose graphics processors are central to the data-center buildout supporting advanced AI systems. The prospective IPO investment should not be treated as an announced Nvidia commitment or as evidence that Anthropic has formally begun an offering process.
Follow-up reports have reinforced the distinction rather than supplied public confirmation. Mashable attributed its account of the proposed backing to Reuters, and a Bloomberg report distributed by Yahoo Finance likewise described the investment as under consideration. Bloomberg said company representatives did not immediately respond to its requests for comment.
A proposed IPO investment would be separate from earlier ties
The reported IPO discussions are distinct from an earlier Nvidia-Anthropic arrangement described by Reuters. In November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership. Reuters reported that Anthropic, in turn, committed to purchase $30 billion of Nvidia-powered computing capacity through Microsoft Azure.
That earlier up-to-$10-billion commitment and the newly reported potential up-to-$10-billion IPO allocation have the same stated ceiling, but they are not the same transaction. Treating them as one $20 billion agreement would go beyond the reporting: Reuters presented the latest talks as a possible investment tied specifically to a future public offering.
The commercial structure also frames Nvidia’s incentive in the negotiations. Anthropic is a customer of computing infrastructure built around Nvidia chips, while Nvidia could be a shareholder in a company seeking vast sums to finance model development and the computing required to run it. Amazon is also an existing Anthropic investor and a provider of computing capacity, according to Reuters.
Valuation target follows a rapid rise in reported financing and revenue
The proposed $2 trillion valuation would be a little more than double the $965 billion post-money valuation Reuters reported for Anthropic’s $65 billion fundraising round in May. The comparison illustrates the scale of the valuation increase implied by the IPO discussions, though neither the proposed valuation nor the offering size has been confirmed by the companies.
Reuters also reported that Anthropic’s annualized revenue run rate exceeded $65 billion by the end of July. A $100 billion IPO, if completed at the reported level, would therefore be roughly 1.5 times that reported annualized revenue measure. Revenue run rate is not the same as audited annual revenue or profit, but the comparison underscores why investors would scrutinize the company’s capacity needs, margins and spending commitments as closely as its sales growth.
The timing remains undefined. Reuters dated its original report Sept. 11, and the version published by Euronext appeared Sept. 12. No offering registration statement, prospectus, pricing range or official timetable was included in the available public materials. For now, the reported $10 billion Nvidia role, $100 billion fundraising ambition and $2 trillion valuation are negotiating positions attributed to confidential sources—not completed corporate actions.
