Nvidia in Talks to Anchor Anthropic's Potential $100 Billion IPO, Reuters Reports

Nvidia is in talks to serve as an anchor investor in Anthropic's potential initial public offering, which could raise as much as $100 billion and value the AI startup at around $2 trillion, Reuters reported, citing two people familiar with the matter. One of the sources told Reuters that Nvidia is considering investing up to $10 billion in the offering. Anthropic declined to comment, and Nvidia did not immediately respond to Reuters' request for comment.

What Reuters Says About Nvidia's Role

According to Reuters, the discussions center on Nvidia acting as an anchor investor in the IPO rather than converting an existing stake. Anchor investors are typically institutional backers that commit to buying a set portion of an IPO before it is marketed more broadly, providing an early signal of confidence to other buyers. Reuters noted precedent for this kind of arrangement: Arm's anchor investors included both Nvidia and Amazon, while Saudi Arabia's Public Investment Fund was among the anchor investors in SpaceX's offering.

The sources cautioned that the plans remain under discussion and could still change, and they spoke on condition of anonymity because the talks are confidential, Reuters reported.

Timing, Size and Valuation

Reuters reported that the listing is expected to be completed before the U.S. midterm elections in November. Anthropic is seeking to raise up to $100 billion, which would value the company at roughly $2 trillion, according to the sources. Reuters previously reported that the potential valuation hinges in part on company projections of roughly $190 billion to $200 billion in revenue in 2028.

Separately, Reuters reported that Anthropic's annualized revenue run rate had climbed above $65 billion by the end of July, up from about $9 billion at the end of 2025, according to the company. Those two reported figures imply an increase of about $56 billion in annualized run-rate revenue over that stretch (65 - 9 = 56, in billions of dollars), or roughly seven times the earlier level (65 / 9 is about 7.2) — a calculation based on the reported figures, not a forecast.

Nvidia's Existing Ties to Anthropic

A prospective anchor investment would sit on top of a relationship Nvidia and Anthropic already announced. Reuters noted that in November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership under which Anthropic committed to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.

Anthropic's investor and supplier base is not limited to Nvidia. Reuters reported that Amazon and Google are already major backers and major suppliers of computing capacity to the startup. In April, according to Reuters, Anthropic said it would commit more than $100 billion over a decade to Amazon's AWS while using more than 1 million of Amazon's Trainium2 chips, and it has separately agreed with Google and Broadcom to add multiple gigawatts of TPU capacity.

At the same time, Reuters reported that Anthropic relies heavily on Nvidia GPUs while also working to diversify its chip suppliers, as demand for its Claude models has strained available computing capacity. The company is building an in-house team to design custom chips tailored to Claude, according to Reuters.

Context: A Record IPO Year and Circularity Questions

Reuters framed a prospective Nvidia anchor commitment as a way to boost investor confidence in a listing that is shaping up to be a major test of public-market appetite for the scale of valuations and capital requirements associated with frontier AI labs. The report noted that U.S. IPOs, excluding special-purpose acquisition companies, had raised a record $137 billion through the end of August, according to Dealogic, with Anthropic's potential offering following SpaceX's June debut in a string of blockbuster listings. Gurufocus reported that earlier coverage had suggested Anthropic's IPO could rival or surpass the record set by SpaceX.

Nvidia's pattern of investing in companies that also buy its chips has drawn scrutiny over so-called circular investing, in which a company invests in a customer that then purchases equipment from the investing firm — an arrangement that, according to Yahoo Finance, has raised concerns about inflated sales numbers. Yahoo Finance reported that Nvidia CEO Jensen Huang pushed back on that characterization in a blog post, writing that the deal does not constitute circular investing.

The Anthropic discussions come as Nvidia has also been active elsewhere in the AI ecosystem: the company announced on September 3, 2026, that it had agreed to acquire Hugging Face for $12,930,300,000, according to Nvidia's own newsroom post.

Bottom Line

Nothing here is confirmed by either company. What Reuters has reported, through unnamed sources, is that Nvidia is weighing an anchor role of up to $10 billion in a potential $100 billion Anthropic IPO that could value the AI lab at roughly $2 trillion and close before November's midterms. The talks would deepen a commercial and financial relationship that already includes a prior Nvidia investment commitment and Anthropic's heavy reliance on Nvidia chips, even as the startup works to diversify its supplier base. Until Anthropic files formal IPO paperwork or either company comments on the record, the size, structure and timing described by Reuters should be treated as reported plans that sources say could still change.