Full Breakdown
Nvidia Mulls $10 B Anchor Investment in Anthropic’s Planned $2 T IPO
By Drooid · · How we work
Core Event
Anthropic, the San Francisco-based AI startup behind Claude, is preparing an IPO that could raise up to $100 billion and value the company at roughly $2 trillion. Reuters sources say Nvidia Corp. is weighing an anchor investment of up to $10 billion. The talks are confidential and could change; both companies declined comment. The IPO is expected to close before the U.S. midterm elections in November 2026.
Background & Context
Anthropic’s revenue run-rate jumped from about $9 billion at the end of 2025 to $65 billion by July 2026 after a $65 billion Series H round in May 2026 that valued it at $965 billion. The firm has compute commitments from Amazon (over $100 billion across ten years) and Google and is pursuing custom-chip development.
Key Figures & Groups
- Jensen Huang – CEO, Nvidia.
- David Ha – CEO, Anthropic.
- Lise Lauricella – Chief Global Markets Editor, Morningstar.
- Amazon, Google, Broadcom – Cloud and chip partners.
Timeline
- November 2025 – Nvidia announced a $10 billion investment tied to a $30 billion Azure compute purchase.
- May 2026 – Anthropic raised $65 billion in Series H.
- September 11 2026 – Reuters reported Nvidia’s current talks to invest up to $10 billion as anchor.
- Before November 2026 – Planned IPO completion.
Data & Statistics
- Target IPO raise: $100 billion.
- Projected post-IPO valuation: ? $2 trillion.
- Nvidia’s contemplated anchor stake: up to $10 billion.
- Revenue growth 2025-2026: $9 billion -> $65 billion.
- Projected 2028 revenue: $190-$200 billion.
- U.S. IPO market total (excluding SPACs) through August 2026: $137 billion.
Why It Matters / Impact
If completed, the offering would surpass SpaceX’s $86 billion debut in June 2026, setting a new benchmark for AI-sector valuations. An Nvidia anchor could signal confidence to other investors and affect pricing dynamics for future mega-IPOs, while deepening the link between AI model developers and chipmakers.
Official Statements & Responses
Anthropic declined to comment on the IPO talks. Nvidia did not immediately respond. Both emphasized that negotiations are fluid and terms may change.
Conflicting Reports & Gaps
- Anchor size: Most sources cite “up to $10 billion”; a 36 kr article incorrectly mentioned “up to $100 billion.”
- IPO timing: Outlets agree the listing is slated before the November 2026 elections, but no specific date is confirmed.
What’s Next
Anthropic will file its registration statement and select underwriting banks in the coming weeks. It has solicited wealth-management proposals from major banks—including Goldman Sachs, Bank of America, BNY Mellon, JPMorgan Chase, and Wells Fargo—to advise employees on the expected windfall. Completing the offering before the November 2026 elections remains the primary milestone.