Nvidia in Talks to Anchor Anthropic's Mega IPO at $2T Valuation

Nvidia is reportedly in talks to anchor what could be the largest IPO in history. Nvidia is negotiating an investment of up to $10 billion in Anthropic, the maker of the Claude chatbot, ahead of a listing that could raise as much as $100 billion.

The deal on the table

Anthropic is in talks to secure Nvidia as an anchor investor for its upcoming IPO, seeking to raise as much as $100 billion at a potential $2 trillion valuation, according to two people familiar with the matter.

One source said Nvidia is considering investing up to $10 billion in Anthropic's IPO, though the discussions are still preliminary and terms could change at any time. Anthropic declined to comment, while Nvidia has not yet responded to requests for comment.

Why the timing matters

According to Dealogic data, US IPOs excluding SPACs raised a record $137 billion through August, with the Anthropic listing expected to complete before November midterm elections.

If the deal comes to fruition, it would match or even surpass the IPO record set by SpaceX in June of this year, making it the largest public listing in history.

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The revenue trajectory behind the valuation

Anthropic's annualized revenue run rate climbed above $65 billion by end of July, surging from about $9 billion at the end of 2025, driving the company to seek massive funding for computing capacity.

That growth curve is what underwriters will lean on to justify a price tag that would make Anthropic one of the most valuable companies on any exchange.

The Nvidia-Anthropic loop

If Nvidia comes in as an anchor investor, it would further deepen what is already a closely intertwined commercial relationship. Anthropic's core AI computing currently relies heavily on Nvidia graphics processing units, and Nvidia announced as early as November last year that it would invest up to $10 billion in Anthropic under a broader collaboration framework.

Existing backers Amazon and Google also provide essential computing power for Claude, the AI model. The circular flow between chip supplier, cloud provider, and AI lab is once again front and center.

Options market and stocks to watch

Traders should watch a handful of names tied directly to this deal and the broader AI capex loop:

• NVDA: watch for reaction to headlines confirming or expanding the anchor commitment, and any read-through to guidance.
• MSFT: Microsoft is already tied into the Anthropic capacity deal and would be an indirect beneficiary of a successful listing.
• AMZN: Amazon is a major existing Anthropic backer through AWS compute commitments.
• GOOGL: Google is also an existing investor and compute partner, with implications for its own AI positioning.

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