Nvidia is in talks to invest up to $10 billion in Anthropic’s planned initial public offering, according to a report from Reuters. Anthropic, the startup behind the Claude AI model, is seeking to raise up to $100 billion at a target valuation of approximately $2 trillion. If realized, the offering would represent the largest IPO in history, with Nvidia acting as an anchor investor to secure shares before open market trading begins, ahead of a planned rollout before the US midterm elections in November.
The potential deal deepens an already extensive commercial relationship between the hardware giant and the AI lab. Anthropic relies on Nvidia GPUs to train and run its models and committed in 2025 to purchasing $30 billion in Azure compute infrastructure powered by Nvidia chips. Driven by demand for enterprise AI, Anthropic’s annual revenue run-rate surged from $9 billion at the end of 2025 to over $65 billion by July 2026.
Nvidia’s move reflects its broader strategy of acting as a principal financier for the artificial intelligence industry. By taking direct equity stakes in primary customers like Anthropic and OpenAI and backing roughly $300 billion in data center debt guarantees, Nvidia ensures that capital flows back into its balance sheet through high-margin GPU orders.
Why it matters
Nvidia’s $10B anchor investment shows how chipmakers are actively financing key customers to secure long-term GPU demand and cloud compute commitments.
Anthropic’s $65B revenue run-rate and $2T target valuation demonstrate unprecedented scaling velocity for frontier AI labs moving toward public markets.
Source: the-decoder.com
