Nvidia is in discussions to become an anchor investor in what could turn out to be the largest initial public offering in history, with Anthropic looking to raise as much as $100 billion at a valuation of around $2 trillion.
The chipmaker is considering putting in up to $10 billion as part of the offering, Reuters reported on Thursday, citing two people familiar with the matter, cautioning that the plans were still under discussion and could change.
Both sources spoke on condition of anonymity given the confidential nature of the talks.
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Anthropic declined to comment when approached by Reuters, while Nvidia did not immediately respond to the news agency's request for comment.
An anchor investor typically commits to buying a set portion of an IPO before it is marketed more widely, lending early credibility to the offering.
Nvidia had previously served as an anchor investor in chip designer Arm's listing alongside Amazon, while Saudi Arabia's Public Investment Fund had backed SpaceX in a similar capacity.
The move would deepen ties between Nvidia and one of its major customers, with Anthropic relying heavily on Nvidia's processors even as it works to diversify its chip suppliers amid strained computing capacity for its Claude models.
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Nvidia had already agreed in November 2025 to invest up to $10 billion in Anthropic under a broader partnership that included a $30 billion commitment from Anthropic to buy Microsoft Azure capacity powered by Nvidia chips.
Anthropic's backers already include Amazon and Google, both key compute suppliers, with the AI startup having pledged over $100 billion over a decade to Amazon Web Services in April, per Reuters.
The listing is expected to close ahead of the US midterm elections in November, marking a fresh jump in valuation after Anthropic raised $65 billion in May at a $965 billion post-money valuation.
The company's annualised revenue run rate had reportedly crossed $65 billion by end-July, up from roughly $9 billion at the end of 2025.
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