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FollowingNvidia plans to spend US$10 billion in Anthropic's IPO, or cornerstone investor
Nvidia is considering investing up to US$10 billion in Anthropic's planned initial public offering, making it a cornerstone investor in a deal that could raise US$100 billion and push Claude's developer valuation to about US$2 trillion. According to Reuters, although discussions are still taking place in private and the final outcome may still be uncertain, Anthropic aims to complete the release before the U.S. midterm elections in November. Currently, neither Nvidia nor Anthropic commented on such conversations.
If completed at the proposed scale, the offering will become one of the largest equity listings in history and will greatly increase the intensity of the artificial intelligence capital race.
Nvidia will invest in one of its largest clients
This strategic relationship makes Nvidia's potential participation more interesting than traditional IPO investments. Anthropic relies heavily on Nvidia's GPU chips and previously promised to purchase $30 billion worth of Microsoft Azure computing power powered by Nvidia chips. In fact, Nvidia agreed to invest up to $10 billion in Anthropic through a broader infrastructure partnership as early as 2025.
At the same time, Anthropic is also actively expanding the diversification of its computing power base, including reaching agreements with Amazon and Google, and forming an internal custom chip team. This creates a significant capital closed-loop: Nvidia sells the hardware that drives cutting-edge AI, while potentially providing financial support to the company, one of the largest buyers of the hardware.
This arrangement may boost market confidence in Anthropic's listing, but it may also intensify investors 'scrutiny of the close financial connections between AI developers, cloud providers and chip makers.
Revenue growth drives valuations soaring
This valuation is supported mainly by its extraordinary revenue growth. As of the end of July, Anthropic's annualized revenue operating rate had exceeded US$65 billion, up from approximately US$47 billion in May and approximately US$9 billion at the end of 2025. Reuters reported that the company's long-term forecast shows that its revenue will reach around US$190 billion to US$200 billion by 2028.
At a $2 trillion valuation, Anthropic is currently priced at approximately 31 times its current annualized revenue operating rate; but if its forecast is realized, this multiple will drop significantly.
OpenAI's exit paves the way
Timing may give Anthropic another advantage. OpenAI CEO Sam Altman said this weekend that OpenAI will not go public in 2026 due to growing AI security concerns and believes the current environment is not the right time for an IPO. This partly removes Anthropic's closest private AI competitor from this year's IPO calendar.
According to Dealogic data quoted by Reuters, as of August, the U.S. IPO market has set a record of US$137 billion. Anthropic alone is discussing a financing scale close to that total. This creates a dramatic reversal: While AI executives are increasingly warning that cutting-edge development may require stricter safeguards, the capital needed to fund the race is expanding.
If Nvidia decides to invest billions of dollars in Anthropic's IPO, the company that sells pickaxes and shovels (i.e. basic hardware) from the "gold rush" will also become one of the largest investors to fund the race itself.
