Nvidia is in discussions to invest up to $10 billion as an anchor investor in Anthropic’s planned initial public offering, according to a Friday Reuters report. Anthropic is seeking to raise as much as $100 billion at a valuation approaching $2 trillion, although the figures remain under negotiation and could change.

If completed at that scale, the offering would become the largest initial public offering ever recorded. Anthropic is targeting a market debut before voters go to the polls for the November U.S. midterm elections.

Nvidia shares were trading near $218.29 during the session, down 0.03%. The company trades under the ticker NVDA.

Anchor investors commit to purchasing a predetermined allocation of shares before an IPO’s broader marketing campaign begins. Their participation can provide credibility to an offering, particularly one of the size Anthropic is considering.

NVIDIA $NVDA IN TALKS TO INVEST UP TO $10B IN ANTHROPIC IPO Nvidia is expected to anchor Anthropic’s planned IPO and is considering investing up to $10B in the offering, Reuters reports. Anthropic is seeking to raise as much as $100B at a valuation of around $2T, which could… pic.twitter.com/UGqm1jHtnM — Wall St Engine (@wallstengine) September 11, 2026

The potential IPO investment would build on an existing relationship between the companies. In November 2025, Nvidia disclosed plans to deploy up to $10 billion in Anthropic as part of a strategic alliance. The agreement also included Anthropic’s commitment to purchase $30 billion of Microsoft Azure cloud computing resources powered by Nvidia processors.

Anthropic’s Revenue Growth

Anthropic’s annualized revenue run rate exceeded $65 billion by the end of July, up from approximately $9 billion at the close of 2025. The increase has supported the artificial intelligence company’s plans to enter the public markets.

In May, Anthropic raised $65 billion in private funding at a post-money valuation of $965 billion. A proposed IPO valuation near $2 trillion would more than double that valuation within months.

Amazon and Google are among Anthropic’s financial backers and also provide key infrastructure for the company. In April, Anthropic announced a commitment of more than $100 billion over 10 years to Amazon Web Services. The agreement includes plans to deploy more than one million of Amazon’s Trainium2 chips.

Anthropic is also working with Google and Broadcom to bring multiple gigawatts of TPU computing capacity online as it expands its Claude platform to meet user demand.

Strong U.S. IPO Activity

The U.S. IPO market has recorded an exceptional 12-month period. Dealogic data shows that traditional U.S. IPOs generated $137 billion in proceeds through August, excluding special-purpose acquisition companies.

Anthropic’s offering would follow SpaceX’s June listing, another high-profile transaction that contributed to this year’s activity. The company’s projected annual revenue for 2028 is between $190 billion and $200 billion, a forecast that supports its targeted $2 trillion valuation.

If Anthropic proceeds, additional details on the offering’s size, valuation, timing, and investor commitments would be set out through the IPO process. Representatives for Anthropic declined to comment. Nvidia had not responded to Reuters’ requests for comment at the time of publication.