Nvidia Eyes Massive Stake in Record-Breaking Anthropic IPO

Nvidia is in talks to invest up to $10 billion in Anthropic's planned IPO, which aims to raise up to $100 billion and land a valuation of around $2 trillion. This would make it the largest IPO in history.

The two companies are already closely linked, with Anthropic relying on Nvidia GPUs and committing to buying $30 billion in Azure compute packed with Nvidia chips in 2025. Revenue at Anthropic has grown significantly, from around $9 billion at the end of 2025 to over $65 billion by July 2026.

Nvidia's investment would come as an anchor investor, locking in shares before the stock hits the open market. This move is part of Nvidia's strategy to invest in customers like Anthropic and OpenAI while backing guarantees that help data centers secure financing, with most of this money circling back to Nvidia in chip orders.