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Nvidia in talks to invest up to $10 billion in Anthropic's IPO

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Nvidia in talks to invest up to $10 billion in Anthropic's IPO

Nvidia is reportedly in talks to invest up to $10 billion in Anthropic's planned initial public offering, according to a Reuters report relayed by The Decoder. Nvidia would join as an anchor investor, a role that lets it lock in shares before the stock starts trading on the open market. Anthropic, the company behind the Claude chatbot and model family, is aiming to raise up to $100 billion in the offering at a valuation of around $2 trillion. If it comes together at that scale, it would be the largest IPO in history. The offering is expected to close before the US midterm elections in November.

Nvidia and Anthropic are already closely linked commercially. Anthropic runs its systems on Nvidia GPUs, and in 2025 it committed to buying $30 billion worth of Azure compute built on Nvidia chips. Anthropic's revenue has grown sharply since then, from about $9 billion at the end of 2025 to more than $65 billion by July 2026.

The reported stake would extend a pattern Nvidia has followed across the AI industry: investing directly in major customers, including both Anthropic and OpenAI, while also backing about $300 billion in guarantees that help data centers secure financing for new capacity. By the report's own account, most of that guarantee-backed money flows back to Nvidia through chip orders.

Key facts

  • Nvidia is reportedly in talks to invest up to $10 billion in Anthropic's planned IPO as an anchor investor, according to Reuters.
  • Anthropic wants to raise up to $100 billion in the offering at a valuation of around $2 trillion, which would make it the largest IPO in history.
  • The offering is expected to close before the US midterm elections in November.
  • Anthropic already runs on Nvidia GPUs and committed in 2025 to buy $30 billion of Azure compute built on Nvidia chips.
  • Anthropic's revenue grew from about $9 billion at the end of 2025 to more than $65 billion by July 2026.

Why it matters

An IPO of this size would be a landmark event for the AI industry: at a targeted valuation of around $2 trillion and up to $100 billion raised, it would be the largest IPO in history, ahead of any prior tech listing. Nvidia coming in as an anchor investor would add a second layer to its relationship with Anthropic, on top of already supplying the GPUs Anthropic's systems run on and the chips built into the Azure compute Anthropic buys. A direct equity stake in the IPO would make Nvidia's financial interest in Anthropic's success larger, extending a pattern it already follows with major customers.

Who it affects

Nvidia and Anthropic are the direct parties, but the report also names OpenAI as another company Nvidia is investing in, so the pattern extends across the industry's biggest AI labs. Anyone considering investing in Anthropic's IPO would be buying into a company that runs on Nvidia hardware and already has a $30 billion Nvidia-linked compute commitment on its books. Data centers more broadly are affected too, since the $300 billion in guarantees Nvidia backs is what helps many of them secure financing in the first place.

How to use it

There is nothing to install or subscribe to here: this is financial news, not a product launch. For anyone tracking the deal, the useful next milestones are Anthropic's formal IPO filing, which would disclose real terms, and confirmation from Nvidia or Anthropic themselves, since no spokesperson or executive from either company is quoted in the source report. Until then, the $10 billion and $100 billion figures should be treated as reported ceilings, not settled numbers.

How solid is it

The claim traces to a single Reuters report, relayed here without any additional named sources: no executive, spokesperson or analyst from Nvidia, Anthropic or Reuters itself is quoted. The language is conditional throughout: Nvidia is described as being in talks, not as having signed or agreed to anything, and no stake size or investment terms are disclosed. Reuters is a credible wire source for this kind of report, but a talks-stage arrangement can still change materially, or collapse entirely, before Anthropic files to go public.

Risks and caveats

The investment itself is not finalized: it could still change in size, be restructured, or fall through before Anthropic files to go public. No year is given for the targeted November closing beyond a reference to the US midterms. There is also a broader circularity worth keeping in mind: Nvidia backs about $300 billion in guarantees that help data centers secure financing, and by the report's own account, most of that money circles back to Nvidia through chip orders. The same financing-then-buying pattern is what this IPO stake would extend, though the source does not say how much of the $300 billion, if any, involves Anthropic specifically, or what share of the IPO Nvidia's investment would represent.