Anthropic’s IPO is expected to welcome Nvidia as a key investor to the tune of $10 billion. Indeed, Claude’s designer could seek up to $100 billion, however these amounts remain under discussion and neither company has confirmed them.
In brief
- Nvidia could invest up to $10 billion in Anthropic’s future IPO.
- Anthropic is reportedly targeting a record raising of $100 billion, for a valuation close to $2,000 billion.
- Discussions remain ongoing, with no firm commitment announced by Nvidia.
- Nvidia is already a supplier and investor in Anthropic, particularly around the infrastructure necessary for Claude.
- Anthropic is diversifying its chip and cloud suppliers to reduce its dependence on Nvidia.
Nvidia has not yet made any firm commitments
Anthropic is currently discussing an investment of around $10 billion in its future IPO with Nvidia.
The discussions still remain confidential. However, their amount and conditions may still change. Anthropic did not want to comment on this information, while Nvidia had not provided any information on these negotiations.
However, the main figures reveal the scale of the project:
- Nvidia could invest up to $10 billion;
- Anthropic would seek to raise a maximum of 100 billion;
- The targeted valuation would be around $2,000 billion;
- The operation could end before the US elections in November.
Thanks to a $10 billion ticket, Nvidia could finance 10% of the amount sought. Its stake could represent nearly 0.5% of a valuation of 2,000 billion, without taking into account the final conditions of the offer.
The chipmaker could act as an anchor investor. This type of actor commits before the overall marketing of the actions. His presence can reassure all other investors and facilitate such a large fundraising.
Anthropic IPO Could Set New Record
According to the information publishedAnthropic hopes to raise up to $100 billion during its IPO. If the company raises this amount, the operation would become the largest IPO ever.
The company’s valuation could then exceed $2,000 billion. In a few months, it would have more than doubled. Anthropic was further valued at $965 billion after raising $65 billion in May.
Such acceleration is based on Claude’s commercial growth. The company’s annualized revenue run rate is above $65 billion at the end of July, up from nearly $9 billion at the end of 2025.
However, this on-chain analysis indicator extrapolates sales observed in recent weeks over twelve months. It is not equivalent to the turnover already collected during a full financial year.
From now on, Anthropic could target between 190 and 200 billion dollars in revenue in 2028. A valuation of 2000 billion would therefore correspond to almost ten times this future turnover, provided that the objective is achieved.
Nvidia is already both a supplier and an investor
A possible participation in the IPO would consolidate an already close relationship. Anthropic uses Nvidia graphics processors extensively to train its models and process Claude’s requests. Sometimes demand has exceeded available computing capacity.
Nvidia had already disclosed an investment of around $10 billion in Anthropic in November 2025. As for Microsoft, it planned to bring in up to $5 billion, while the startup committed to acquiring $30 billion in Azure services powered by Nvidia chips.
Analyst Gil Luria therefore explain :
Nvidia was also somewhat dependent on OpenAI’s success and is now helping to create broader demand.
The connection between this commitment and the new ticket hoped for for the IPO has not been specified. It is therefore not necessary to immediately add the two amounts.
Anthropic also wants to reduce its dependence on Nvidia. The company plans to spend more than $100 billion on Amazon Web Services over ten years. It also uses Trainium chips from Amazon, TPUs from Google and develops its own components.
A valuation exposed to the costs of artificial intelligence
Nvidia’s participation could provide Anthropic with significant financial and industrial support. It should also highlight the sector’s circular relationships. The chip supplier could invest in a customer who then uses part of its capital to acquire computing power.
Such a model supports sales growth, but makes performance evaluation more complex. Investors will determine how much of the revenue comes from sustainable demand and how much depends on deals struck between the same tech companies.
The other point of vigilance relates to costs. Anthropic must finance data centers, electricity, chips and the development of new models. A significant increase in turnover therefore does not guarantee rapid profits.
The future prospectus will specify the amount actually raised, the number of shares offered and the nature of Nvidia’s investment. Until this document is published, Anthropic’s IPO remains a project that is subject to change.
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