Nvidia is reportedly considering an investment of up to $10 billion in Anthropic’s planned IPO, as the Claude maker prepares for what could become one of the biggest stock market listings ever.

Anthropic is looking to raise as much as $100 billion through the IPO, which could value the artificial intelligence company at around $2 trillion, according to Reuters, citing people familiar with the discussions.

Talks with Nvidia are still underway and no final decision has been made. The size of the investment and other details could still change.

If Nvidia goes ahead with the investment, the chipmaker could become an important early, or anchor, investor in Anthropic’s IPO.

Nvidia and Anthropic Expand Their AI Partnership

Nvidia and Anthropic already have a strong business relationship. Anthropic uses large numbers of Nvidia’s advanced chips to train and operate its AI models, including Claude.

Growing demand for Claude has increased Anthropic’s need for computing power. As a result, the company has been working with several chip and cloud computing providers instead of depending on a single supplier.

Nvidia had previously announced in November 2025 that it planned to invest up to $10 billion in Anthropic as part of a broader partnership.

As part of that arrangement, Anthropic also agreed to purchase around $30 billion worth of Microsoft Azure computing capacity powered by Nvidia chips.

An anchor investor usually agrees to purchase a significant amount of shares before an IPO becomes available to the wider market. Having major companies as early investors can help increase confidence in a new stock market listing.

Amazon and Google Are Major Anthropic Backers

Anthropic has attracted backing from some of the world’s largest technology companies. Amazon and Google are major investors in the AI company and also provide it with computing infrastructure.

In April, Anthropic said it planned to spend more than $100 billion over 10 years on Amazon Web Services (AWS). The company also plans to use more than 1 million Amazon Trainium2 chips.

Anthropic has also reached agreements with Google and Broadcom to secure several gigawatts of TPU computing capacity.

These partnerships show how aggressively Anthropic is expanding its AI infrastructure as demand for Claude continues to increase.

At the same time, Anthropic is reportedly developing an internal chip design team. Building its own AI chips could eventually help the company gain more control over computing costs and reduce its dependence on outside suppliers.

Anthropic Could Reach a $2 Trillion Valuation

Anthropic’s planned IPO could result in another major increase in the company’s valuation.

The Claude maker raised $65 billion in May at a post-money valuation of $965 billion. Its annualised revenue run rate had reportedly climbed above $65 billion by the end of July, compared with around $9 billion at the end of 2025.

A potential valuation of around $2 trillion is also linked to Anthropic’s future growth expectations. The company has reportedly projected revenue of roughly $190 billion to $200 billion in 2028.

If those targets are achieved, Anthropic could become one of the world’s most valuable technology companies.

When Could Anthropic Launch Its IPO?

Anthropic’s stock market listing is reportedly expected to be completed before the US midterm elections in November.

The IPO would arrive during a strong period for the US listing market, with several major companies heading to public markets.

US IPOs, excluding special-purpose acquisition companies (SPACs), reportedly raised a record $137 billion through the end of August, according to Dealogic.

If Anthropic succeeds in raising as much as $100 billion, its IPO could set a new benchmark for major technology listings.

Nvidia’s potential $10 billion investment would also underline the close relationship between the two AI companies as demand for chips, data centres and computing power continues to rise.