Reuters exclusive: Anthropic is discussing Nvidia as an anchor investor for a listing that could raise up to about $100 billion at around a $2 trillion valuation, with plans still unsettled.
Anthropic is in talks to bring Nvidia in as an anchor investor for what could be the largest IPO in history, two people familiar with the matter told Reuters in an exclusive report.
Anthropic is seeking to raise as much as $100 billion at a valuation around $2 trillion, the people said. Nvidia is considering investing up to $10 billion in the offering, one source added. The plans remain under discussion and could change. Anthropic declined to comment; Nvidia did not immediately respond, Reuters said.
An Nvidia anchor stake would deepen already close ties between the chipmaker and one of its major customers, and could bolster confidence in a listing that will test public-market appetite for frontier-lab valuations. Reuters noted Anthropic’s listing is expected to complete before the U.S. midterm elections in November. In November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership tied to Microsoft Azure capacity powered by Nvidia chips.
Anthropic already counts Amazon and Google among major backers and compute suppliers. The company raised $65 billion in May at a $965 billion post-money valuation, and its annualized revenue run rate had climbed above $65 billion by the end of July, according to figures Reuters cited from the company. Potential valuation also hinges in part on projections of roughly $190 billion to $200 billion in 2028 revenue, Reuters previously reported.
This brief covers unsettled talks only. It does not confirm an IPO pricing, Nvidia’s final check size, or a completed listing.