Key points
- Nvidia weighing up to $10 billion in the IPO
- Anthropic seeking as much as $100 billion
- Valuation would be around $2 trillion
- Talks not final; neither company confirmed the report
Nvidia (NVDA) is considering a second commitment of as much as $10 billion to Anthropic, this time as an anchor investor in the AI company's initial public offering, Reuters reported on Friday. Anthropic is seeking to raise as much as $100 billion at a valuation of around $2 trillion. At that size, it would be the largest IPO ever.
The discussions are ongoing and the terms could change, Reuters reported, citing people familiar with the confidential talks. Neither company confirmed the report: Anthropic declined to comment, and Nvidia did not respond.
Nvidia has already committed up to $10 billion
This would not be Nvidia's first $10 billion commitment to Anthropic. In November 2025, Nvidia said it would invest up to $10 billion in the company as part of a three-way deal in which Anthropic agreed to buy $30 billion of Microsoft (MSFT) Azure computing capacity running on Nvidia chips, and Microsoft said it would invest up to $5 billion. Reuters does not say how much of that earlier commitment has been funded, or whether the IPO money would come on top of it.
Nvidia's balance sheet already carries $90.7 billion of other companies' stock as of July 26, split between $42.8 billion of public holdings and $47.9 billion of private ones. Many of those companies buy Nvidia chips, and Reuters describes Anthropic as one of its major customers. Like Nvidia, several of Anthropic's largest investors also supply its computing infrastructure.
What an anchor investor does
An anchor investor agrees to buy a set portion of an IPO before the offering is marketed to the broader investor base. Reuters describes the role as "providing an early vote of confidence in the shares." At their maximum reported sizes, Nvidia's commitment would cover a tenth of the offering.
The listing is expected to be completed before the U.S. midterm elections in November, according to the report. Reuters does not name the banks running the offering or give a target date.
Anthropic's valuation could double in five months
Anthropic raised $65 billion in May at a $965 billion valuation, in a round led by Altimeter, Dragoneer, Greenoaks and Sequoia. A $2 trillion IPO valuation would be about double that in five months.
On Reuters' reported run-rate figures, Anthropic's revenue has grown faster than its valuation. Anthropic's annualized revenue run rate was about $9 billion at the end of 2025 and topped $65 billion by the end of July, according to Reuters. Anthropic is projecting $190 billion to $200 billion of revenue in 2028, according to a separate Reuters report.
The IPO plan has been reported in pieces since the spring. Anthropic filed confidentially for a listing in June. The Financial Times reported in August that investors were targeting a $2 trillion valuation, and the $100 billion raise figure surfaced earlier this month.
Nvidia shares barely moved
Nvidia closed at $218.19 on Friday, September 11, down 17 cents on the day.
Reuters reported a possible investment, not a signed commitment. Anthropic's public IPO filings should provide the first authoritative account of the offering's size, valuation and structure.
