Nvidia (NASDAQ:NVDA) is exploring a substantial role in Anthropic’s planned public debut, according to people familiar with the discussions. The chipmaker is considering a commitment of as much as $10 billion as an early cornerstone buyer in what would rank among the biggest initial public offerings ever attempted.
Anthropic, the company behind the Claude family of AI models, is targeting proceeds of up to $100 billion and a valuation near $2 trillion.
The talks remain fluid and could still shift or fall apart.
Sources speaking on condition of anonymity because the conversations are private emphasized that nothing has been finalized.
Neither company issued an official statement; Anthropic declined to comment and Nvidia did not immediately reply to inquiries.
Securing Nvidia as an anchor investor would give the offering an early vote of confidence from one of the most important suppliers in the AI supply chain.
Anchor investors typically agree to purchase a defined block of shares before the broader marketing campaign begins, helping stabilize demand for unusually large deals.
Similar arrangements have appeared in other mega-listings, including those of Arm and SpaceX.
The potential investment would also tighten an already close commercial relationship.
Anthropic depends heavily on Nvidia processors to train and run its models.
In late 2025 the two companies announced a partnership in which Nvidia committed up to $10 billion while Anthropic pledged to spend $30 billion on Microsoft Azure capacity built around Nvidia hardware.
A new IPO-related stake would add an equity layer to that existing customer-supplier bond.
Anthropic’s growth has been rapid.
In May the company raised $65 billion at a post-money valuation of $965 billion.
By the end of July its annualized revenue run-rate had climbed above $65 billion, up from roughly $9 billion at the close of 2025.
Management projections cited in reporting point toward $190 billion to $200 billion in revenue by 2028, a figure that underpins the ambitious valuation target.
The listing is expected to close before the US midterm elections in November.
If completed at the contemplated size, it would join a wave of large technology offerings that has already pushed 2026 US IPO proceeds to record levels. SpaceX’s earlier debut set a high bar that Anthropic now appears intent on matching or exceeding.
The company already counts Amazon and Google among its major investors and compute partners.
It has committed more than $100 billion over a decade to Amazon Web Services and is adding custom Trainium chips as well as Google TPUs.
At the same time Anthropic is building an internal team to design specialized silicon, an effort to gain more control over the hardware costs that dominate its expense base.
The discussions highlight the circular nature of today’s AI economy: the companies that sell the chips also invest in the model developers who buy those chips in ever-larger quantities. Whether or not chipmaker Nvidia ultimately writes the $10 billion check, the talks themselves illustrate how tightly the fortunes of the AI labs and their semiconductor suppliers have become intertwined.
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