Nvidia weighs $10 billion Anthropic IPO stake

Nvidia is in negotiations to serve as an anchor investor in Anthropic's upcoming initial public offering, two people familiar with the matter told Reuters. Anthropic aims to raise up to $100 billion, which could value the artificial intelligence startup at approximately $2 trillion.

Nvidia is weighing an investment of up to $10 billion in the offering. The discussions are ongoing and plans could still change, the sources noted, speaking on condition of anonymity. Anthropic declined to comment, while Nvidia did not immediately respond to a request for comment.

The planned deal would deepen Nvidia's commercial relationship with a major customer. In November 2025, Nvidia announced it would invest up to $10 billion in Anthropic under a broader partnership, in which Anthropic committed to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.

Anthropic relies heavily on Nvidia graphics processors even as it seeks to diversify suppliers and design internal chips. The startup previously raised $65 billion in May at a post-money valuation of $965 billion, and its annualized revenue exceeded $65 billion at the end of July, up from about $9 billion at the end of 2025.