Anthropic is negotiating to secure Nvidia as a primary investor in what might become the biggest IPO ever.

Anthropic aims to secure up to $100 billion, which could assess the artificial intelligence startup's valuation at approximately $2 trillion, according to reports. Nvidia is contemplating an investment of as much as $10 billion in the initial public offering.

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Nvidia's possible participation in the IPO, a detail that has not been disclosed before, would provide Anthropic with an initial strategic supporter for the substantial offering, while also strengthening the relationship between the chip manufacturer and one of its key clients.

Having a wealthy anchor investor like Nvidia involved might enhance investor trust in the listing, which is turning into a significant evaluation of the public market's interest in the substantial valuations and funding needs of cutting-edge AI laboratories.

Anchor investors are usually institutional investors who agree to purchase a specific percentage of an IPO before it is promoted widely, offering an initial endorsement of the shares. It is becoming more frequent for mega IPOs to secure early institutional pledges, considering the substantial sums they aim to collect. Chip designer Arm had anchor investors such as Nvidia and Amazon, whereas Saudi Arabia’s PIF was one of SpaceX’s anchor investors.

The strengthened relationship emphasizes the intricate connections between AI model creators and the firms providing the vast amounts of computing power they need. Anthropic depends significantly on Nvidia GPUs, yet it is also looking to diversify its chip suppliers due to increased demand for Claude, which has put pressure on its available computing resources.

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In November 2025, Nvidia announced plans to invest as much as $10 billion in the AI startup, part of a larger partnership where Anthropic agreed to purchase $30 billion of Microsoft Azure computing resources utilizing Nvidia chips.

Anthropic already has the largest tech firms in the world as supporters. These encompass Amazon and Google, which are also its primary computing providers. In April, Anthropic announced it would invest over $100 billion over ten years in Amazon’s AWS, utilizing over 1 million of Amazon’s Trainium2 chips. It has also reached an agreement with Google and Broadcom to increase several gigawatts of TPU capacity.

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The firm has been seeking to obtain additional computing power as its income has increased. It is also striving to achieve increased control over its hardware expenses by assembling an internal team to create custom chips designed specifically for Claude.

The listing, anticipated to finalize ahead of the US midterm elections in November, would represent another increase in Anthropic’s valuation. The creator of Claude secured $65 billion in May, achieving a post-money valuation of $965 billion.

According to the company, its annualized revenue run rate exceeded $65 billion by the end of July, up from approximately $9 billion at the close of 2025. The possible valuation partially depends on the company's estimates of around $190 billion to $200 billion in revenue by 2028.