Nvidia considers US$10 billion investment, Anthropic IPO approaches record

Anthropic talks with Nvidia on potential US$10 billion investment, or boost AI giant's "super IPO"

Anthropic is reportedly in talks with Nvidia about a potential US$10 billion investment. The investment could reshape what Reuters called a possible "super initial public offering" for the company. According to Reuters, citing people familiar with the matter, the current negotiations are still dynamic, and the specific figures under discussion may materially change the size and potential valuation of any public offering.

Reuters also reported that Anthropic aims to raise up to US$100 billion through the offering, which will bring the company's valuation to approximately US$2 trillion. Interviewees described the confidential nature of the negotiations and requested anonymity. Anthropic declined to comment, while Nvidia has not responded to requests for comment.

Core Points

• Reuters reported that Anthropic is discussing a possible $10 billion investment by Nvidia in connection with a potentially record-setting IPO.
• The size of the offering under discussion could reach up to US$100 billion, implying a target valuation of approximately US$2 trillion.
• Negotiations are still ongoing and may be volatile, and neither Anthropic nor Nvidia provided comment.
• The rumored move is in line with a broader strategic trend that chipmakers not only seek to influence computing power, but also want to reach deep into AI platforms and customer groups.

Why a potential Nvidia-Anthropic deal matters

If the reported discussions ultimately lead to Nvidia's participation-possibly as an early strategic backer-it will not only enhance Anthropic's financing prospects, but will also have more far-reaching implications. Strategic investors often have huge influence on how companies position their technologies and partners, especially in the rapidly changing AI supply chain, where chips, infrastructure, model ecosystems, and developer tools are often as important as the performance of the models themselves.

For Nvidia, establishing a scale relationship with Anthropic that can support a record public offering is consistent with its strategic direction of embedding itself closely into the AI technology stack. Reuters reports pointed out that Nvidia could benefit by strengthening its connections with key customers and playing a more prominent role in the timing and structure of the IPO.

Link to Anthropic's infrastructure footprint

Previous reports have highlighted Anthropic's growing demand for AI computing capacity. On August 11, media reported that Bitcoin miner Riot Platforms had reached a 20-year agreement with a "leading cutting-edge AI company" to supply 191 million watts of capacity to its Rockdale, Texas campus. The media identified the customer as Anthropic and the deal was worth about $9 billion, citing Bloomberg reports and people familiar with the matter.

While such capacity agreements do not automatically translate into IPO readiness, they can indicate the scale of near-term computing power needs-a key concern for investors when assessing whether AI companies can quickly maintain growth in training and reasoning.

Nvidia's software leverage and the Hugging Face acquisition

Nvidia's perspective in the story is also connected to its broader strategy of going beyond the chip business. Earlier this year, reports emerged that Nvidia had agreed to acquire Hugging Face for $12.9 billion, expanding its influence into the AI software and developer tools ecosystem.

As previously reported and Nvidia CEO Renxun Huang said, Hugging Face serves more than 18 million developers and hosts more than 3 million models. Huang said Nvidia's acquisition of Hugging Face would give it control of a major AI model platform, as this control becomes increasingly important as AI companies compete fiercely in chips, software and developer tools used to build and deploy models.

In this context, if Reuters's report is confirmed, it will highlight Nvidia's two-pronged strategy: maintaining leverage at the infrastructure level while deepening its impact on the software layers, which are key to model publishing, accessing and integrating into applications.

Focus on follow-up observations

Given Reuters's description of the negotiations as ongoing and subject to change, investors and industry participants should pay close attention to subsequent clarifications to learn whether Nvidia expects formal participation, how the issue size will be structured, and whether the two companies will provide updated statements as the negotiations progress.

Regardless of the outcome, its broader impact remains clear: AI capital formation and strategic partnerships are increasingly shaped by control over computing power and the platforms on which developers rely.