Nvidia is in talks to commit up to $10 billion as an anchor investor in Anthropic's initial public offering, a deal that could value the AI lab at up to $2.3 trillion. The chipmaker already supplies Anthropic with compute capacity, and CFO Colette Kress says Nvidia's frontier-lab investments remain a small fraction of its free cash flow.
Nvidia is negotiating an anchor stake of up to $10 billion in Anthropic's initial public offering, a deal that could price the AI lab at as much as $2.3 trillion and rank as the largest listing in market history, according to Reuters. Anthropic is reportedly seeking to raise as much as $100 billion, with the offering targeted to price before the November 2026 U.S. midterm elections.
Anthropic's Revenue Climbs Ahead of the IPO
Anthropic's annualized revenue run rate climbed above $65 billion by the end of July 2026, up from about $9 billion at the end of 2025, with projections calling for roughly $190 billion to $200 billion in revenue in 2028. Nvidia has already disclosed that Anthropic is initially adopting 1 gigawatt of compute capacity on its Grace Blackwell and Vera Rubin systems, and anchoring the IPO deepens that commercial tie.
Nvidia's Balance Sheet Can Absorb the Check
Nvidia has the cash to fund the investment without straining its finances. According to CFO Colette Kress, the company has "invested nearly 50 billion in the Frontier AI Labs" and called that spending a small fraction of expected free cash flow over the same period. Free cash flow in the quarter alone reached $21.34 billion, up 58.43%, and Nvidia returned roughly $26.0 billion to shareholders through buybacks and dividends, with about $99.0 billion remaining under its repurchase authorization.
Nvidia guided Q3 fiscal 2027 revenue to $108.0 billion, plus or minus 2%, following a quarter that delivered $96.22 billion in revenue, up 105.8% year over year, and data center revenue of $89.02 billion, up 117% year over year. Kress said management expects fiscal 2028 revenue to grow approximately 70% year over year. Gross margin stood at 75.0% on a non-GAAP basis, operating margin at 60.38%, and return on equity at 101.49%.
Shares Slip Even as Analysts Stay Bullish
Nvidia shares closed at $218.29 on September 11, 2026, down 0.03% on the day. The stock is down 5.13% over the past week and off 2.48% over the past month, though it remains up 17.32% year to date and 23.5% over one year.
Analyst coverage still skews bullish, with 57 Buy ratings against 2 Hold and 1 Sell and an average price target of $327.65.
Anthropic would join OpenAI's roughly 12 gigawatts of Nvidia compute commitments and financing partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR that aim to mobilize over $500 billion for AI infrastructure. The near-term test of that strategy comes with Nvidia's own guidance: whether the $108 billion Q3 forecast holds through year-end.
Source: 24/7 Wall St.
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