Anthropic is in discussions with Nvidia to secure up to a $10 billion investment as part of what could become the largest initial public offering in history. The AI startup, which recently reached an annualized revenue run rate exceeding $65 billion, is targeting a valuation around $2 trillion ahead of a planned autumn listing.
The artificial intelligence sector is hurtling toward a massive test of public-market appetite. Anthropic is currently in talks to bring Nvidia in as an anchor investor for its upcoming public debut, according to people familiar with the matter. The potential backing from the chipmaker could inject up to $10 billion into the offering, adding early institutional muscle to a listing that aims to raise as much as $100 billion.
Nvidia Talks and the Push for a $2 Trillion Valuation
The discussions between the two companies remain confidential and subject to change. Bringing in a deep-pocketed anchor investor like Nvidia would give Anthropic a vital strategic backer while further entangling two corporations already bound by massive computing dependencies. Anchor investors commit to purchasing a set portion of shares before public marketing begins, signaling confidence in mega-offerings.
Chip designer Arm previously relied on anchor commitments from Nvidia and Amazon, while Saudi Arabia’s PIF backed SpaceX. For Anthropic, the potential Nvidia involvement underscores the intense financial and physical demands of running frontier AI operations. The Claude maker relies heavily on Nvidia graphics processing units while attempting to diversify its hardware suppliers to keep pace with soaring demand.
The listing itself is expected to complete before the U.S. midterm elections in November, marking a valuation leap. Anthropic raised $65 billion in May, which valued the business at $965 billion post-money. Prospective IPO investors are now projecting a public market valuation around $2 trillion, fueled by explosive financial growth over the past year.
Explosive Revenue Growth and the Move Into Profitability
The financial figures behind Anthropic’s sprint to public markets reveal expansion. The company’s annualized revenue run rate ballooned from roughly $9 billion at the end of 2025 to over $65 billion by the end of July.
Enterprise customers drive the bulk of this momentum, accounting for roughly 80% of total revenue. More than 1,000 businesses were spending at least $1 million annually on Anthropic products as of April. These surging numbers have propelled the U.S. IPO market toward a record year, with listings raising a total of $137 billion through the end of August.
Revenue Scrutiny and the Underwriting Lineup
Despite the revenue metrics, prospective public market investors are zeroing in on complex accounting questions. A central inquiry involves how Anthropic records revenue generated through cloud reseller partnerships. When customers purchase Claude through Amazon Web Services or Google Cloud, prospective buyers want to know whether the company books gross revenue or net revenue after the cloud provider takes a cut.
Because many enterprise users access Claude through platforms like AWS Bedrock or Vertex AI, the gross-versus-net distinction impacts a significant portion of incoming funds.
Computing Infrastructure and the Broader AI Pricing Signal
Anthropic’s supply chain ties extend far beyond equity ownership. In April, the company committed more than $100 billion over a decade to Amazon’s AWS, utilizing more than 1 million Trainium2 chips. It has also struck deals with Google and Broadcom to secure multiple gigawatts of TPU capacity, alongside a November 2025 commitment to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
To manage these mounting expenses, the company is building an in-house team to design custom hardware tailored specifically to Claude. Ultimately, the upcoming listing will serve as a bellwether for the artificial intelligence industry at large. If the company achieves a $2 trillion valuation, it will establish a new ceiling for public market appetite in frontier AI.