Nvidia in Talks to Put Up to $10 Billion Into Anthropic's IPO, Targeting a $2 Trillion Valuation

Since Reuters first reported on September 11 that Nvidia was in talks to anchor Anthropic's initial public offering, at least seven other outlets have run the same core account with little new confirmed detail. Nvidia is considering putting up to $10 billion into an IPO that Anthropic hopes will raise as much as $100 billion. Neither company has confirmed the numbers publicly.

Anthropic PBC, maker of the Claude chatbot, is reportedly seeking a valuation around $2 trillion, according to Reuters as cited by the Taipei Times and American Bazaar Online. 24/7 Wall St. put the figure higher, at $2.3 trillion, a discrepancy that has not been resolved by any on-record statement from Anthropic or Nvidia. Both companies declined to comment when Reuters asked, according to the Taipei Times.

The talks remain preliminary. Sources described them to Reuters as private and subject to change, and Blockonomi and Parameter.io both note the arrangement is in early stages with terms that could shift before anything is signed.

The Numbers Behind the Hype

Anthropic's annualized revenue run rate went from roughly $9 billion at the end of 2025 to more than $65 billion by the end of July 2026, according to Reuters reporting carried across every source reviewed here. The company is projecting $190 billion to $200 billion in revenue by 2028. In May, Anthropic raised $65 billion in a private round that valued it at $965 billion post-money, per Reuters.

None of the sources report a profit figure. A company can have soaring revenue and still burn cash building out the data centers needed to run it.

Nvidia Is Already All In

This wouldn't be a new relationship. Nvidia disclosed in November 2025 that it would invest up to $10 billion in Anthropic as part of a partnership requiring Anthropic to buy $30 billion of Microsoft Azure computing capacity built on Nvidia chips, according to Investing News and the Taipei Times.

Since then the numbers have only grown. Investing News reports Anthropic signed a $35 billion cloud deal with Lambda in late August, where Nvidia itself holds the lease on a 700-megawatt data center in Nueces County, Texas, being developed by Hut 8. Anthropic separately committed $45 billion to Nscale, another Nvidia-backed cloud provider, to lease capacity in West Virginia, with that infrastructure expected to run Nvidia's upcoming Vera Rubin chips.

Anthropic is also spreading its bets. It committed more than $100 billion over a decade to Amazon Web Services in April, including plans for over a million of Amazon's own Trainium2 chips, according to Investing News and Parameter.io. It's working with Google and Broadcom too, and building an in-house chip design team specifically to cut its dependence on outside suppliers, including Nvidia.

The Obvious Question

Nvidia would be pouring up to $10 billion of equity into a company whose revenue growth is substantially fueled by that same company spending tens of billions on Nvidia-powered infrastructure, some of it leased through vehicles where Nvidia itself holds the real estate. Critics of the broader AI financing boom have flagged this kind of interlocking arrangement across the industry, since it can make demand look stronger than it would if each company were paying with money it didn't get from a supplier or an investor with a stake in the outcome.

Nvidia's balance sheet can absorb this without strain, according to 24/7 Wall St. CFO Colette Kress told analysts on Nvidia's Q2 FY2027 call that the company has already invested nearly $50 billion in what she called Frontier AI Labs, calling it a small fraction of expected free cash flow. Nvidia generated $21.34 billion in free cash flow that quarter alone, up 58.43%, and returned about $26 billion to shareholders through buybacks and dividends while sitting on roughly $99 billion in remaining buyback authorization. CEO Jensen Huang told investors demand for Nvidia chips outstrips supply, saying the company can currently meet only about 70% of it.

Nvidia's fiscal 2026 revenue hit $215.9 billion, up 65%, with data center revenue up 68%, and the company guided next quarter's revenue to $108 billion. Whether that trajectory depends on customers like Anthropic recycling investor and lender capital back into Nvidia's own products is worth examining once the IPO prospectus is filed.

Nvidia shares closed at $218.29 on September 11, down 5.13% for the week but still up 17.32% year to date, according to 24/7 Wall St. Piper Sandler has an overweight rating with a $300 price target; the broader analyst consensus sits at Buy with an average target of $324.34, per Blockonomi.

Anthropic is reportedly aiming to price its IPO before the U.S. midterm elections in November, according to Reuters reporting cited by the Taipei Times, Investing News, and American Bazaar Online. Nothing is final. No S-1 filing, no confirmed valuation, and no signed commitment from Nvidia has been made public as of today.