Nvidia (NASDAQ: NVDA) is considering investing up to $10 billion in Anthropic’s planned initial public offering as the artificial intelligence company seeks an anchor investor ahead of a potential listing.

Sources familiar with the discussions told Reuters that the investment could form part of what may become the largest IPO ever. Anthropic is seeking to raise as much as $100 billion at a valuation of nearly $2 trillion.

The discussions remain private, and the terms could change. The sources requested anonymity because the negotiations are confidential. Nvidia’s potential participation has not previously been reported. If the chipmaker commits before the broader offering, Anthropic would have a major investor in place before shares are marketed to other buyers.

Large IPOs often use anchor investors to secure part of an offering before testing wider demand. The scale of the proposed transaction would also provide a direct test of how much public-market investors are willing to pay for frontier AI companies that require enormous amounts of capital. Nvidia would participate not only as a financier, but also as a supplier to one of its major customers.

Nvidia could secure a major position

Anchor investors generally agree to purchase a specified portion of an IPO before broader investor demand is assessed. The structure has become common in large listings because companies are raising substantial sums.

Arm Holdings (NASDAQ: ARM) used Nvidia and Amazon (NASDAQ: AMZN) as anchor investors when it went public. Saudi Arabia’s Public Investment Fund also took an anchor position in SpaceX.

A potential Anthropic investment would deepen Nvidia’s existing relationship with the developer of Claude. Anthropic uses large numbers of Nvidia GPUs to train and operate its models. At the same time, it is seeking multiple chip suppliers because demand for Claude has placed significant pressure on its available computing capacity.

Nvidia said in November 2025 that it planned to invest as much as $10 billion in Anthropic as part of a broader partnership. Under that arrangement, Anthropic agreed to spend $30 billion on Microsoft (NASDAQ: MSFT) Azure computing capacity powered by Nvidia hardware.

Amazon and Google, which is owned by Alphabet (NASDAQ: GOOGL), are also Anthropic investors and major providers of computing capacity.

In April, Anthropic said it planned to spend more than $100 billion with Amazon Web Services over 10 years and use more than 1 million Amazon Trainium2 chips. The company also has agreements with Google and Broadcom (NASDAQ: AVGO) to add several gigawatts of TPU capacity.

Anthropic seeks more computing capacity as revenue and valuation rise

Anthropic is also building an internal chip team. The group is developing custom hardware for Claude as the company seeks greater control over computing costs while demand continues to grow.

The IPO is forecast to take place before the U.S. midterm elections in November. This is expected to contribute to further appreciation in the company’s value.

Anthropic raised $65 billion in May at a post-money valuation of $965 billion. By July, the company’s annualized revenue run rate had exceeded $65 billion, while the figure for December was $9 billion.

Part of the projected $2 trillion valuation is based on Anthropic’s own forecasts. Reuters previously reported that the company projects revenue of between $190 billion and $200 billion by 2028.

Anthropic would enter a U.S. IPO market already operating at a record pace. The anticipated listing would follow SpaceX, founded by Elon Musk, which debuted in June.

According to Dealogic, U.S. IPOs excluding special-purpose acquisition companies had raised a record $137 billion through the end of August.