Report: Nvidia in talks to invest up to 10 billions USD in Anthropic IPO

On September 11, according to Reuters citing two sources familiar with the matter, Anthropic is in talks with Nvidia, seeking to bring the chip giant in as a cornerstone investor for its IPO.Nvidia is considering investing up to $10 billion in Anthropic's IPO.

This IPO could raise as much as $100 billion, potentially valuing the company at up to $2 trillion and making it the largest IPO in history.

Wallstreetcn mentions that Anthropic initially planned to publish its IPO prospectus as early as next week, but it is now expected to be delayed until late September. After the prospectus is released, the IPO roadshow could begin as early as mid-October, with the final listing possibly taking place just days before the U.S. midterm elections in November.

Cornerstone investors are typically institutional investors who commit to subscribing to a certain portion of shares before an IPO is publicly issued, providing early endorsement for the listing. As mega-IPOs become increasingly common, securing institutional investors in advance has become standard practice.

Nvidia has previously played a similar role. In the IPO of chip designer Arm, the list of cornerstone investors included Nvidia and Amazon, while Saudi Arabia's sovereign wealth fund PIF was one of the cornerstone investors in SpaceX.

For Anthropic, bringing in a strategic investor like Nvidia, with deep capital resources, would not only strengthen market confidence but also further deepen the binding between the two parties in terms of computing power supply.

Anthropic's valuation has soared significantly in recent months.

In May this year, the company's post-funding valuation stood at $965 billion; if this IPO launches with a $2 trillion valuation, this would mean the value has more than doubled in a short time.

Rapid revenue growth is key to supporting its valuation.According to Anthropic, its annualized revenue run rate has risen from about $9 billion at the end of 2025 to more than $65 billion at the end of July this year.

The company’s internal forecast for 2028 revenue is around $190 billion to $200 billion, and the final valuation will, to some degree, depend on whether these expectations can be met.

Anthropic is highly dependent on Nvidia GPUs, while also actively seeking to diversify its chip supply sources, as a surge in demand for its Claude model has strained its existing computing resources.

The company's main financial backers are also its core computing power suppliers.In April this year, Anthropic announced it would invest over $10 billion in Amazon AWS over the next ten years and use more than one million Amazon Trainium2 chips. At the same time, it has reached agreements with Google and Broadcom to add several gigawatts of TPU computing power.

As for the collaboration with Nvidia, in November 2025, Nvidia announced it would invest up to $10 billion in Anthropic as part of a broader strategic partnership. Under this framework, Anthropic has committed to procuring $30 billion worth of Microsoft Azure computing power powered by Nvidia chips.

Despite deepening collaborations with Nvidia, Amazon, and Google, Anthropic is still striving to control its own hardware costs.

Reportedly, the company is assembling an internal team dedicated to designing custom chips specifically for the Claude model, aiming to reduce dependence on external suppliers and build stronger autonomy at the infrastructure level of computing power.