According to reports from Reuters, Anthropic is seeking to raise as much as $100 billion in what could be the largest IPO in history. The artificial intelligence startup is in talks to bring Nvidia as an anchor investor, with the chipmaker considering investing up to $10 billion in the offering. The plans remain under discussion and could change, as reported by sources familiar with the matter who requested anonymity due to the confidential nature of the discussions. The potential valuation could reach around $2 trillion, representing a significant increase from the company's previous funding rounds.
As reported by Reuters, Nvidia's potential involvement would provide Anthropic with an early strategic backer for the outsized offering while deepening ties between the chipmaker and one of its major customers. Bringing a deep-pocketed anchor investor like Nvidia onboard could boost investor confidence in the listing, which is shaping up to be a major test of public-market appetite for enormous AI valuations and capital requirements. The IPO is expected to be completed before the U.S. midterm elections in November, marking another sharp increase in the company's valuation trajectory. Anchor investors usually agree to buy a fixed amount of shares before an IPO is offered to the wider market, with their early investment giving other investors confidence in the listing.
The potential investment comes as Nvidia depends heavily on Anthropic for its AI model development, while Anthropic seeks to diversify its chip suppliers amid rising demand for Claude. Nvidia had already committed to investing up to $10 billion in Anthropic as part of a broader partnership announced in November 2025, with Anthropic agreeing to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips. This relationship strengthens the close business ties between the two companies, with Nvidia being one of Anthropic's major customers while Anthropic relies heavily on Nvidia's graphics processing units for its AI models.
According to the report, Anthropic already counts the biggest tech companies as backers, including Amazon and Google, who are also its major compute suppliers. In April, 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. The company has also agreed with Google and Broadcom to add multiple gigawatts of TPU capacity. The company is trying to get access to more computing power as its revenue has grown sharply, while also building an in-house team to design custom chips tailored to Claude, with the aim of having greater control over its hardware costs.
As reported by Reuters, Anthropic's annualized revenue run rate had climbed above $65 billion by the end of July, from about $9 billion at the end of 2025. The company raised $65 billion in May at a post-money valuation of $965 billion. The possible $2 trillion valuation also depends partly on Anthropic's projections of around $190 billion to $200 billion in revenue in 2028, according to previous Reuters reports. The listing is expected to be completed before the U.S. midterm elections in November, adding to a series of major IPOs that have helped push the US market towards a record year. US IPOs, excluding special-purpose acquisition companies, raised a record $137 billion through the end of August, according to Dealogic, with Elon Musk's SpaceX making its debut in June.
