Nvidia in Talks to Anchor Anthropic's Record $100 Billion IPO, Reuters Reports

Nvidia is in talks to invest up to $10 billion as an anchor investor in Anthropic's planned initial public offering, according to Reuters reporters Krystal Hu and Milana Vinn, citing two people familiar with the discussions. Anthropic is seeking to raise as much as $100 billion in the offering, which could value the company at around $2 trillion, the sources said. Both companies declined to comment, and Reuters cautioned the terms remain under discussion and could still change.

What an anchor investor actually does

Anchor investors commit to buy a set chunk of shares before an IPO markets to the broader public, giving early credibility to the pricing. Reuters noted the practice is standard for mega-offerings, pointing to Nvidia and Amazon anchoring Arm's IPO and Saudi Arabia's Public Investment Fund backing SpaceX.

What makes the Anthropic situation different is scale. A $100 billion raise at a $2 trillion valuation would dwarf every prior tech listing, and it would mean Nvidia, Anthropic's own chip supplier, is being asked to help finance the IPO of one of its biggest customers.

This wouldn't be new money out of nowhere. Nvidia already committed up to $10 billion to Anthropic in November 2025, part of a deal in which Anthropic agreed to buy $30 billion of Microsoft Azure computing capacity running on Nvidia chips. Anthropic has also pledged more than $100 billion over a decade to Amazon's AWS, using over a million of Amazon's Trainium2 chips, and struck a separate deal with Google and Broadcom for multiple gigawatts of additional TPU capacity, according to Reuters.

The growth numbers behind the valuation

Anthropic's annualized revenue run rate climbed from roughly $9 billion at the end of 2025 to more than $65 billion by July 2026, according to the company, as reported by Reuters and BigGo Finance. That surge followed a $65 billion Series H round in May that valued the company at $965 billion, meaning the IPO talk of a $2 trillion valuation would roughly double that in a matter of months. The potential valuation also hinges in part on company projections of roughly $190 billion to $200 billion in revenue in 2028, Reuters previously reported.

The listing is expected to close before the November midterm elections, according to Reuters and multiple outlets that republished the wire report, including Channel NewsAsia and the Lufkin Daily News. Crypto Briefing separately reported that Anthropic has expanded a credit line to $15 billion ahead of the offering and pushed the timeline to mid-October, and noted that prediction markets tracked by its Vera platform put an 84% probability on Anthropic hitting a specific valuation target by December 31.

Nvidia investing in a company that spends billions buying Nvidia chips, while also relying on Microsoft, Amazon and Google as both investors and cloud suppliers, is not illegal or even unusual in Silicon Valley. Arm's IPO worked the same way. This does mean the same handful of companies are financing each other's growth, buying each other's products, and then cashing in when the valuation gets marked up in a public listing. None of the sources here allege wrongdoing, and no regulator has raised a formal objection to the structure. Whether that concentration of capital represents smart vertical integration or a bubble propping itself up is a legitimate open question, not a settled one.

This deal is being negotiated as Anthropic has disclosed that a threat-actor group in northern Yemen used Claude Code to help develop missile guidance software, according to BigGo Finance, which said the company banned the associated accounts. Investors weighing a $2 trillion valuation are being asked to do so against a backdrop of a company that has publicly disclosed its flagship product was misused by bad actors, and has said it caught the activity after the fact rather than before.

Neither Anthropic nor Nvidia has confirmed a final number, structure or date. The next concrete marker will be whether Anthropic files public IPO paperwork with the SEC, which would convert these anonymous-source reports into disclosed, auditable figures for the first time.