Nvidia eyes a $10B anchor stake in Anthropic's $2T IPO

Nvidia is in talks to be an anchor investor in Anthropic's IPO, committing up to $10 billion, according to Reuters. Anthropic wants to raise as much as $100 billion at a valuation of about $2 trillion. That would make it the largest IPO ever by a wide margin. The reported target is to list before the US midterm elections in November. Terms are still being negotiated and could change, and neither company has commented.

The numbers explain the rush. Anthropic was valued at $965B in May, so this price would roughly double it in four months. Its annualized revenue reportedly passed $65B by the end of July, up from about $9B at the end of 2025. An anchor investor commits to buying shares before the offering is marketed widely, and that early commitment helps draw in other investors. Few names carry more weight here than the company that sells the chips.

It's also circular. Anthropic is a major Nvidia customer. Nvidia already pledged up to $10B in November 2025, in a deal that included Anthropic committing to $30B of Azure compute running on Nvidia hardware. Anthropic also buys heavily from Amazon and Google, including a reported $100B+ AWS commitment over 10 years. When a chip supplier invests in its own customer, the money ends up coming back to the supplier.

Why it matters: a $2T debut would give public markets their first direct way to price a frontier AI lab, and with Nvidia as anchor, the chip supplier would be vouching for its own customer's valuation.