Nvidia is reportedly considering an investment of up to $10 billion in Anthropic as the AI lab pursues an IPO that could raise as much as $100 billion at a roughly $2 trillion valuation. The talks would deepen an existing partnership that already ties Anthropic's compute needs to Nvidia hardware, even as Anthropic diversifies toward AMD, Broadcom and custom silicon.
Anthropic weighs a record IPO
Reuters reported on September 13 that Anthropic is in talks to bring Nvidia in as an anchor investor in what could become one of the largest IPOs in history, potentially raising as much as $100 billion at a valuation of around $2 trillion. Nvidia is reportedly weighing an investment of up to $10 billion. Anthropic's annualized revenue run rate has reportedly grown from about $9 billion in 2025 to more than $65 billion by mid-2026, with the company targeting as much as $200 billion of revenue by 2028.
Compute ties already run deep
The potential deal would extend a relationship already in place: Nvidia's fiscal 2026 filing disclosed an agreement to invest up to $10 billion in Anthropic, and Reuters reported that Anthropic has committed $30 billion to Microsoft Azure infrastructure powered by Nvidia chips. Anthropic is also reportedly committing $45 billion to rent AI computing capacity from Nscale, infrastructure expected to run on Nvidia's Vera Rubin chips. Nvidia has said Anthropic is evaluating its Vera CPU for agentic workloads, and the chipmaker has disclosed visibility into more than $1 trillion of cumulative Blackwell and Rubin revenue from the start of 2025 through 2027.
But the picture isn't one-sided. Anthropic also has partnerships with Amazon, Google and Broadcom and is developing custom chips, and it has agreed to purchase billions of dollars of AI servers from AMD. That diversification means Nvidia's investment could help finance the growth of a customer that is simultaneously reducing its dependence on Nvidia hardware.
A selloff tempers the backdrop
The talks surfaced a day before Anthropic CEO Dario Amodei joined other AI leaders in calling for a slowdown in AI development over safety concerns, a call that contributed to a sharp selloff in AI-related stocks; the Philadelphia Semiconductor Index fell 5.1% that day. Nvidia itself generated $215.9 billion in fiscal 2026 revenue, up 65%, with data-center revenue up 68%, though gross margin slipped to 71.1% partly on a $4.5 billion charge tied to H20 inventory and purchase obligations.
Separately, prediction-market pricing tracked by Vera puts an 85.9% probability on Nvidia holding its lead as the world's largest company by market capitalization through September 30, with the market skeptical that Alphabet could overtake its market capitalization in that window.
An implied $2 trillion valuation for Anthropic, more than double its $965 billion mark after its May 2026 financing round, raises the bar for the deal to pay off, even as it locks Nvidia deeper into one of its fastest-growing customers.
Sources: Insider Monkey via Yahoo Finance, Crypto Briefing (snippet-based)
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