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FollowingNvidia is negotiating to serve as a cornerstone investor in Anthropic's IPO with an investment of up to US$10 billion.
According to sources, Nvidia is negotiating to serve as a cornerstone investor in Anthropic's initial public offering (IPO), with a potential investment of US$10 billion. The market estimates that the company's valuation may be as high as US$2.3 trillion. Discussions are still ongoing and the situation may still change before the deal is finalized. The offering is expected to raise as much as $100 billion, making it one of the largest IPOs in history.
To achieve a logically consistent arithmetic valuation of US$2.3 trillion, Anthropic must prove that it has a credible revenue growth path, and the revenue scale needs to reach a level that has never been previously disclosed by a cutting-edge artificial intelligence laboratory. level demonstrated in public documents.
Nvidia's role: From commercial cooperation to equity binding
Nvidia's partnership with Anthropic is not new. Back in November 2025, Nvidia announced it would invest up to $10 billion in Anthropic as part of a broader partnership. Under the agreement, Anthropic committed to buying Nvidia's computing power, according to detailed reports from Bloomberg.
Entering the role of cornerstone equity investor, this business link will further extend to public market exposure, allowing Nvidia to directly hold shares when its largest AI client goes public. The distinction is crucial: supply agreements generate disclosed revenue, while equity positions are bets on future revenue that have not yet been reflected in any documents.
The meaning of cornerstone investors and market signals
Cornerstone investors like Nvidia typically commit to invest capital before a public offering to demonstrate confidence and stabilize demand when going public. A $10 billion investment commitment from a chipmaker that provides hardware support for Anthropic model training will align the two companies 'fortunes more closely than existing supply arrangements.
Nvidia's negotiation to assume this role is essentially an extension of the client relationship in the open market, and investors are required to price the valuation implicit in this relationship.
Anthropic's path to record listing
Anthropic has not yet confirmed a launch date, with slight differences in the valuation of US$2.3 trillion cited in various reports, with some targets pointing towards closer to US$2 trillion. The company's financing ambitions have accelerated sharply since its last round of private valuations in early 2025, reflecting investors 'enthusiasm for participating in cutting-edge AI laboratories that compete with companies such as OpenAI.
Nvidia's talks to serve as a cornerstone investor send a signal of strategic synergy, but cornerstone commitments are not equal to actual revenue. It is the gap between the two that the prospectus ultimately needs to bridge.
