Nvidia Anthropic IPO Talks Could Yield $10 Billion Anchor Deal

Quick Reads

Nvidia is in talks to anchor Anthropic’s upcoming IPO, sources say.
Anthropic wants to raise up to $100 billion at a $2 trillion valuation.
Nvidia could commit as much as $10 billion to the offering.
Anthropic’s revenue run rate surged from $9 billion to $65 billion in months.
The listing could close before the November 2026 midterm elections.

Nvidia Anthropic IPO talks have entered a decisive stage, according to sources close to the matter. Reuters first reported the news, revealing that Anthropic wants Nvidia to anchor the offering. The deal could become the largest public listing in history. Anthropic aims to raise as much as $100 billion and eyes a valuation near $2 trillion. Meanwhile, Nvidia considers committing up to $10 billion as an anchor investment. This move would deepen an already close relationship between the two companies. Nvidia already supplies critical GPU infrastructure that powers Anthropic’s Claude models. Consequently, an anchor stake would tie the chipmaker even closer to one of its biggest customers.

Anthropic’s revenue growth explains why investors show such strong interest right now. The company’s annualized revenue run rate jumped from $9 billion in late 2025 to $65 billion by July 2026. That surge convinced bankers that public markets could absorb a historic offering. Additionally, US IPO activity already hit a record $137 billion through August, based on Dealogic data. Anthropic reportedly plans to complete its listing before the November midterm elections. However, sources caution that the negotiations remain fluid and could still change. Anthropic declined to comment, while Nvidia did not immediately respond to requests for comment. Still, anchor investors like Nvidia typically boost confidence before a company goes public. Arm’s IPO, for instance, counted Nvidia and Amazon among its anchor backers. Therefore, Nvidia’s involvement could set a similar tone for Anthropic’s much-anticipated debut.