Nvidia is in talks to come in as an anchor investor at Anthropic’s IPO, with up to $10 billion. Reuters reported it, citing people familiar with the discussions. Bloomberg and Benzinga picked it up. Neither company has confirmed anything.
The numbers
Anthropic wants to raise around $100 billion. The valuation being discussed sits near two trillion dollars, with some reports saying 2.3. For context: the May funding round put Anthropic at $965 billion post-money. That is roughly a doubling in four months.
Revenue explains part of it. Annualized run rate passed $65 billion by the end of July, up from about $9 billion at the end of 2025. For 2028 the company projects $190 to $200 billion - and it is leaning on exactly that forecast to justify part of the valuation.
The window for the listing: before the U.S. midterms in November.
Why Nvidia
The relationship is not new. In November 2025 Nvidia committed $10 billion, and Anthropic in turn pledged $30 billion in Azure compute purchases, running on Nvidia chips. Amazon and Google are investors too, with large commitments toward AWS and additional TPU capacity at Google.
So Anthropic buys from all three and takes money from all three. An Nvidia anchor stake at the IPO pulls that circle tighter still.
Why this one stuck with me
Two stories in one weekend: Amodei tells the industry to slow down, and his company prepares the largest tech listing on record. Those sit together worse than Anthropic would like - though Amodei does write in his essay that pacing must not cost anyone their commercial advantage.
And the loop stays odd. Nvidia puts in money, Anthropic spends it on compute running on Nvidia chips, the revenue lands back at Nvidia. That holds up as long as demand does.
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