The Nvidia is in talks to invest up to US$ 10 billion in Anthropic's initial public offering and take on the role of anchor investor in the deal, according to people familiar with the talks who spoke to Reuters on Friday (11). The developer of Claude is seeking to raise up to US$ 100 billion in an IPO that could value it at about US$ 2 trillion.
The terms are still under discussion and may change. Anthropic did not comment on the talks, while Nvidia did not immediately respond to the request for comment made by Reuters. If confirmed at the values currently being considered, the offering could become the largest IPO in history.
Nvidia's entry as an anchor investor would mean a commitment to buy a portion of the shares before the offering is presented to the broader market. This type of participation helps companies planning large IPOs to secure initial demand and signal institutional support for the deal.
Relationship between Nvidia and Anthropic already involves billions
The negotiation would expand an existing financial and technological relationship between the two companies. In November 2025, Nvidia and Anthropic announced a partnership under which the chipmaker committed to invest up to US$ 10 billion in the startup. Anthropic, in turn, agreed to purchase US$ 30 billion in computing capacity from Microsoft Azure based on Nvidia systems.
Anthropic uses Nvidia GPUs to train and operate its models, but maintains an infrastructure diversification strategy that also includes Amazon's Trainium chips and Google's TPUs. The company has been expanding its computing contracts to keep pace with the growth in the use of Claude.
The company's financial scale grew rapidly in 2026. In February, Anthropic raised US$ 30 billion in a round that valued it at US$ 380 billion and reported annualized revenue of US$ 14 billion. According to Reuters, a later round, completed in May, raised its post-money valuation to US$ 965 billion, while annualized revenue surpassed US$ 65 billion at the end of July.
The expectation is that the initial public offering will be completed before the United States legislative elections, scheduled for November. The company has already submitted documents confidentially to the Securities and Exchange Commission (SEC), but still needs to make the registration public before formally beginning to present the offering to investors.
