Nvidia is in talks to invest as much as $10 billion in Anthropic’s proposed initial public offering, potentially deepening the chipmaker’s relationship with one of the world’s largest artificial intelligence companies as investors prepare for an unprecedented test of AI valuations.
Anthropic is considering raising as much as $100 billion through an IPO that could value the company at approximately $2 trillion, according to people familiar with the discussions.
If completed at that size, the transaction would become the largest IPO ever, placing the Claude developer among the world’s most valuable publicly traded technology companies.
Nvidia is being considered as an anchor investor, a role that could provide confidence to other institutional investors considering whether to participate in the enormous offering.
Nvidia Moves Beyond Selling Chips
The potential investment illustrates how Nvidia’s role in artificial intelligence continues to expand.
The company built its dominance primarily by supplying the graphics processors required to train and operate increasingly sophisticated AI models.
But Nvidia has increasingly become an investor in the broader ecosystem consuming those processors.
Anthropic is already a major user of Nvidia GPUs, meaning a potential investment would create an even closer relationship between the company selling AI computing infrastructure and one of the companies spending heavily to acquire it.
That relationship also raises an important question about the increasingly interconnected nature of the AI economy.
Chipmakers invest in AI developers, AI developers purchase computing capacity, cloud providers buy chips and investors finance enormous data centres supporting the entire ecosystem.
Anthropic’s Computing Bill Keeps Growing
Anthropic’s infrastructure ambitions help explain why it requires such extraordinary amounts of capital.
The company has made major long-term commitments involving computing infrastructure, including arrangements with Amazon’s AWS and Google.
Anthropic is also seeking to diversify the chips used to operate its AI systems rather than relying entirely on a single hardware supplier.
That diversification could become increasingly important as the cost of training and serving frontier AI models continues to rise.
The company is simultaneously generating rapidly expanding commercial revenue. Reuters reported an annualised revenue run rate exceeding $65 billion, while longer-term forecasts being discussed around the IPO envision substantially higher revenue by 2028.
$2tn Valuation Tests AI Optimism
The bigger story, however, is valuation.
A $2 trillion price tag would place extraordinary expectations on Anthropic’s future profitability and growth.
Investors would effectively be betting that generative AI becomes fundamental infrastructure for businesses, governments and consumers rather than simply another technology cycle.
The proposed offering comes during an unusually strong year for American IPOs. Companies had already raised a record $137 billion through US listings by the end of August 2026, excluding special-purpose acquisition companies.
Anthropic’s listing could dramatically increase that figure.
For Nvidia, meanwhile, a $10 billion investment would be large even by the standards of the AI boom.
But it could also strengthen the chipmaker’s position at the centre of an ecosystem where the companies developing the most powerful AI models are simultaneously becoming some of its biggest customers.
The transaction would therefore be more than an investment.
It would demonstrate just how closely AI capital, computing infrastructure and chip demand have become intertwined.
