Nvidia in talks for $10 billion investment in Anthropic IPO

Nvidia is in talks to invest up to $10 billion as an anchor investor in Anthropic's planned initial public offering, which could become the largest IPO in history. Anthropic is seeking to raise up to $100 billion, targeting a valuation of approximately $2 trillion before the November 2026 U.S. midterm elections. The deal would strengthen Nvidia's role as both a key financier and primary chip supplier to Anthropic, which is rapidly expanding its compute infrastructure through partnerships with Amazon, Google, and Microsoft.

Nvidia anchor investment talks

• ▪Nvidia previously announced in November 2025 that it planned to invest up to $10 billion in Anthropic through a wider partnership
• ▪Nvidia is in talks to invest up to $10 billion as an anchor investor in Anthropic's planned initial public offering, according to sources reported by Reuters on September 12, 2026
• ▪Anthropic declined to comment and Nvidia did not immediately respond to requests for comment regarding the potential $10 billion initial public offering investment talks

Anthropic IPO valuation targets

• ▪Anthropic raised $65 billion in May 2026 at a post-money valuation of $965 billion
• ▪Anthropic's planned initial public offering is forecast to take place prior to the United States midterm elections in November 2026
• ▪Anthropic is seeking to raise up to $100 billion in its planned initial public offering, aiming for a valuation of approximately $2 trillion

Anthropic compute infrastructure partnerships

• ▪Anthropic has agreements with Google and Broadcom to add several gigawatts of TPU capacity while also building an internal team to design custom hardware
• ▪Anthropic secured a 20-year, $9 billion agreement with Riot Platforms to supply 191 megawatts of capacity from its Rockdale, Texas campus, as reported in August 2026
• ▪Anthropic agreed to spend $30 billion on Microsoft Azure computing capacity powered by Nvidia hardware under a November 2025 partnership agreement
• ▪Anthropic announced in April 2026 plans to spend over $100 billion with Amazon Web Services over ten years, utilizing more than 1 million Amazon Trainium2 chips

Anthropic revenue projections

• ▪Anthropic projected its revenues to range between $190 billion and $200 billion by 2028, according to financial projections reported by Reuters
• ▪Anthropic's annualized revenue run rate exceeded $65 billion by July 2026, representing an increase from $9 billion in December 2025

U.S. IPO market activity

• ▪United States initial public offerings, excluding special-purpose acquisition companies, raised a record $137 billion through the end of August 2026, according to Dealogic
• ▪The aerospace company SpaceX, founded by Elon Musk, debuted on the United States initial public offering market in June 2026