Anthropic Targets $100B IPO at $2 Trillion Valuation — Nvidia in Talks as $10B Anchor
Anthropic is in active discussions to go public at a valuation of approximately $2 trillion, seeking to raise as much as $100 billion in an offering that would be the largest IPO in history — bigger than SpaceX’s $75 billion listing in June, which priced the rocket company at $1.77 trillion.
Reuters reported on September 11 that Nvidia is in talks to take an anchor position in the offering of up to $10 billion, citing two people familiar with the matter. Neither company has confirmed or denied the report.
The Numbers
Anthropic’s valuation has moved fast. In May 2026, the company raised $65 billion in private capital at a post-money valuation of $965 billion. The IPO target of $2 trillion represents roughly a 2x step-up in four months.
Revenue has kept pace. The annualized revenue run rate exceeded $65 billion by the end of July, up from approximately $9 billion at the end of 2025. The company is projecting $190 to $200 billion in revenue for 2028 — a figure that the Reuters report says forms part of the basis for the IPO valuation.
The listing is expected to complete before the US midterm elections in November.
Why Nvidia
Nvidia’s potential involvement is strategic on multiple levels. The chipmaker is already Anthropic’s primary GPU supplier, and in November 2025, Nvidia committed up to $10 billion to Anthropic as part of a partnership under which Anthropic agreed to purchase $30 billion in Microsoft Azure computing capacity powered by Nvidia chips. An IPO anchor stake would deepen that relationship and give Nvidia equity exposure to Anthropic’s revenue growth.
The pattern has precedent. Nvidia was an anchor investor in Arm’s IPO. The chip company’s involvement in an AI lab IPO at this scale would signal to public-market investors that the supplier of the underlying hardware believes in the trajectory of one of its largest customers.
For Anthropic, an anchor of Nvidia’s size and profile would simplify the marketing of a $100 billion raise — a number with little precedent in public-market history.
The Context
Anthropic is not the only frontier lab facing IPO questions. OpenAI’s path to public markets remains unclear. xAI is privately held. Google and Meta are already public. Anthropic overtook OpenAI in annualized revenue run rate in mid-2026, having trailed OpenAI significantly through 2025. With a run rate above $65 billion and 2028 projections in the $190-200 billion range, it would rank among the fastest-growing software companies in public-market history if those projections hold.
The company is also developing custom chips in-house to reduce dependency on Nvidia — a hedge that makes the Nvidia anchor stake an interesting structural tension. Anthropic buys chips from Nvidia, is considering chips that would reduce that dependency, and Nvidia is considering buying equity in the company. That is the kind of circular deal structure that characterizes the frontier AI ecosystem right now.
AMD invested up to $5 billion in Anthropic in July and won a compute deal for its MI450 chips — the first serious Nvidia rival inside Claude’s stack. Nvidia anchoring the IPO would keep the incumbent supplier closely tied regardless of how Anthropic’s chip diversification plays out.
The offering, if it closes near the reported targets, would raise more capital in a single transaction than the US AI sector raised collectively in most years before 2025.