Nvidia in talks to invest in Anthropic’s planned IPO, sources say

• Anthropic's planned IPO could raise up to $100 billion at a $2 trillion valuation, a significant jump from its May valuation of $965 billion when it raised $65 billion
• Nvidia is considering investing up to $10 billion as an anchor investor, which would boost confidence in the offering and strengthen its relationship with a major GPU customer
• Anthropic's annualized revenue run rate climbed above $65 billion by end of July from about $9 billion at end of 2025, with projections of $190-200 billion in revenue by 2028

Market Summary: Nvidia in Talks to Invest in Anthropic's Planned IPO

Key Development:

Anthropic, the AI startup behind Claude, is pursuing what could become the largest IPO in history, with Nvidia (NVDA) in discussions to serve as an anchor investor. The listing is expected to complete before U.S. midterm elections in November.

Critical Figures:

• Anthropic seeks to raise up to $100 billion at approximately $2 trillion valuation
• Nvidia considering investment of up to $10 billion in the offering
• Anthropic's annualized revenue run rate exceeded $65 billion by end of July, up from $9 billion at end of 2025
• Company projections target $190-200 billion in revenue by 2028
• Anthropic previously raised $65 billion in May at $965 billion post-money valuation

Strategic Relationships:

The potential investment would deepen ties between Nvidia and a major customer heavily reliant on Nvidia GPUs. Anthropic already counts Amazon, Google, Microsoft, and Broadcom as major backers and compute suppliers. The company has committed $30 billion for Microsoft Azure capacity and over $100 billion over a decade to Amazon AWS.

Market Implications:

Nvidia's participation as anchor investor could significantly boost confidence in the massive offering, serving as a crucial test of public market appetite for frontier AI valuations and their substantial capital requirements. The deepening relationship highlights the complex interdependencies between AI developers and chip suppliers in the rapidly evolving artificial intelligence sector.

Note: Discussions remain ongoing and terms could change. Both companies declined to comment or did not respond to requests.