With Anthropic’s possible foray into the stock market set to be one of the sterner tests of investor interest in the AI boom, NVIDIA is well placed to be a key supporter.
The chipmaker could take on a pivotal role in what might be a $100 billion IPO for the AI startup. People at Reuters with knowledge of the situation say Anthropic is in talks with NVIDIA to make it an anchor or cornerstone investor for an offering that would put the company’s valuation in the vicinity of $2 trillion. Those are early stage conversations and the particulars of any deal or the IPO itself may yet be altered.
NVIDIA Could Put $10 Billion Behind Anthropic’s IPO
One source indicates NVIDIA is mulling an investment of up to $10 billion. By putting down such a sum as an anchor, the company would be buying up a good part of the issue before it is put out to the wider market. On a listing of this magnitude, that kind of commitment is an important way to bolster confidence in share demand among institutional investors and would add to a relationship that is already considerable.
A Partnership Already Built Around AI Infrastructure
There is precedent for the two working together. In November 2025, as part of a strategic partnership, NVIDIA said it would invest up to $10 billion in Anthropic while the latter pledged to put $30 billion toward Microsoft Azure compute capacity running on NVIDIA hardware. Even as Anthropic seeks to diversify with custom silicon and other partners, its GPUs remain the workhorse for the company’s training and inference needs.
Anthropic’s Revenue Surge Fuels Its $2 Trillion Ambition
Then there is the matter of revenue. The proposed valuation makes sense when you look at the pace of growth: annualised revenue was some $9 billion at year end 2025 and has been on a trajectory to top $65 billion by July 2026, a sevenfold jump in under twelve months. A $65 billion raise in May 2026 put the post-money figure at about $965 billion. Internal numbers have the company on track for $190-200 billion in revenue by 2028, and management has pointed to a $30 trillion total addressable market to show there is still plenty of room to run.
Anthropic’s IPO Could Become a Major Test for AI Valuations
All of which will come to a head when Anthropic is expected to close the IPO ahead of the U.S. midterms in November 2026. At $2 trillion it would be one of the largest tech listings ever and a true measure of how the public market feels about frontier AI valuations.
What NVIDIA’s Anchor Role Could Mean for Investors
For NVIDIA, being an anchor is not just about the money; it cements Anthropic as a long-term customer and ties the chipmaker to the startup’s insatiable need for AI infrastructure. But for the rest of the investing community, the question is whether the top-line growth can bear the weight of the price tag. Should the reports prove accurate, NVIDIA’s hand in the deal will be one of the things everyone is watching in what could be history’s biggest IPO.
