Nvidia targets $10 billion stake in Anthropic's possible record IPO

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NVIDIA is considering investing up to $10 billion in Anthropic's IPO as a cornerstone investor. Anthropic plans to raise up to $100 billion through an initial public offering, with a potential valuation of nearly $2 trillion. Anthropic's annualized revenue run rate exceeded $65 billion at the end of July. [TAG

NVIDIA considers cornerstone investor in Anthropic IPO

NVIDIA is considering investing up to $10 billion in Anthropic's initial public offering, Reuters reported. The Claude model developer is seeking to raise as much as $100 billion at a valuation close to $2 trillion. If these plans are implemented, the offering could become the largest IPO in history.

Reuters reported that Anthropic had discussed inviting the chip maker to join as a cornerstone investor. The listing could be completed before the U.S. midterm elections in November, although sources warn plans could change. As the discussion remains confidential, the person concerned requested anonymity. Anthropic declined to comment on the conversation, and the chipmaker did not immediately respond to Reuters's request for comment.

This potential investment will continue the existing partnership between AI developers and their major computing vendors. The move will also follow Anthropic's $65 billion financing round completed in May. The previous round of financing valued Anthropic at $965 billion. The proposed IPO valuation will rise again within months. Reuters previously reported that the valuation depends in part on the company's 2028 revenue forecast.

These forecasts show that the company's revenue for the year will be between approximately US$190 billion and US$200 billion. Anthropic, meanwhile, said its annualized revenue operating rate had exceeded $65 billion at the end of July. By comparison, revenue at the end of 2025 was approximately US$90 billion. For the proposed listing transaction, cornerstone investors committed to buying shares before broader marketing began. Similar commitments have been received in other large offerings, including ARM's IPO, in which NVIDIA and Amazon both served as cornerstone investors. The Saudi Arabia Public Investment Fund also participated in the cornerstone investment issued by SpaceX.

AI News: Anthropic expands computing protocol

The latest discussions follow a November 2025 partnership that includes NVIDIA's planned investment of up to $10 billion. Under the arrangement, Anthropic committed to purchasing $30 billion worth of Microsoft Azure computing capacity driven by the chipmaker's processors.

The company also relies on computing infrastructure from Amazon and Google, both of which have investments in the company. As demand for Claude puts pressure on existing capacity, Anthropic is seeking additional agreements between these suppliers. In April, it announced a ten-year commitment of more than $100 billion to Amazon Cloud Technology (AWS). The arrangement includes the use of more than 1 million Amazon Trainium 2 chips.

In addition, Anthropic reached an agreement with Google and Broadcom to add multiple gigawatts of TPU capacity. It also formed an internal team to design custom chips tailored for Claude. Through this effort, the company hopes to better control hardware costs while expanding access to computing resources.

NVIDIA shares fall as Anthropic prepares for IPO

Anthropic's proposed offering follows SpaceX's June debut and other major U.S. listings. As of August, excluding special purpose acquisitions (SPACs), U.S. IPOs raised a record $137 billion, according to Dealogic. Anthropic alone could have a funding target of $100 billion, although discussions continue.

Meanwhile, NVIDIA shares closed at $218.29 on September 11, down $0.07, or 0.03%, from the previous trading day's closing price. The stock hit $222 in early trading before falling below $220. Before noon, the stock traded mainly around $219, while the afternoon rally towards $220 later weakened. NVIDIA Stock Price Trend in the Last 24 Hours| Source: Google Finance's closing price put the stock below its previous close of $218.36. After hours, the stock fell another $0.03, or 0.01%, to $218.26 at 8:01 p.m.