Full Breakdown
Anthropic Targets $2 Trillion IPO with Nvidia Weighed as Anchor Investor
By Drooid · · How we work
Core Event
Anthropic, the five-year-old AI startup behind Claude, is preparing an IPO that could value the company at roughly $2 trillion. Sources say Nvidia Corp. is in talks to invest up to $10 billion as a cornerstone investor, providing early confidence for the offering. The IPO is expected to close before the U.S. midterm elections in November 2026.
Background & Context
Anthropic’s growth has been driven by compute partnerships. In November 2025 it signed a collaboration with Nvidia to purchase $30 billion of Azure compute powered by Nvidia chips, with Nvidia pledging up to $10 billion in equity. The firm also secured backing from Amazon and Google, which supply AWS and TPU capacity. In April 2026 Anthropic committed more than $100 billion to AWS for the next decade and added TPU capacity with Google and Broadcom. An internal hardware team is now designing custom chips for Claude.
Data & Statistics
- Funding target: up to $100 billion (potential $2 trillion valuation) – Reuters.
- Nvidia anchor investment: up to $10 billion – multiple sources.
- Recent financing: $65 billion Series H round in May at a $965 billion post-money valuation – company data.
- Revenue run-rate: $9 billion end-2025; $47 billion May 2026; $65 billion July 2026 – Anthropic figures.
- Projected 2028 revenue: $190-200 billion – Reuters projection.
- U.S. IPO market: $137 billion raised through August 2026 (excluding SPACs) – Dealogic.
Official Statements & Responses
Anthropic declined to comment on the IPO plans. Nvidia did not immediately respond to requests for comment.
Why It Matters
The IPO would test public-market appetite for frontier-AI valuations and could encourage other institutional investors. An anchor investment from Nvidia would signal industry confidence and highlight the link between AI model developers and hardware providers.
Timeline
- Nov 2025: Nvidia announced a $10 billion investment tied to a $30 billion Azure compute purchase.
- Apr 2026: Anthropic pledged over $100 billion to AWS and secured additional TPU capacity.
- May 2026: Series H financing raised $65 billion at a $965 billion valuation.
- Jul 2026: Reported a $65 billion annualized revenue run-rate.
- Current (2026): Ongoing confidential discussions about the IPO and Nvidia’s potential anchor role.
- Planned completion: Before the U.S. midterm elections in November 2026.
What’s Next
The IPO filing and final pricing are expected in the months leading up to the November 2026 elections, pending anchor commitments and regulatory approvals.
