NVIDIA Considers US$10 Billion Stake in Anthropic’s Mega IPO
Anthropic is negotiating to secure NVIDIA (NASDAQ:NVDA) as an anchor investor for a record-breaking initial public offering (IPO) that could value the startup at roughly US$2 trillion.
According to a Reuters exclusive, the chipmaker is weighing a US$10 billion commitment to the offering, serving as an early backer that could signal strong institutional confidence to public markets preparing to absorb the astronomical valuations and capital demands of frontier artificial intelligence labs.
Anthropic’s push for public capital follows an explosive surge in sales. The company’s annualized revenue run rate eclipsed US$65 billion by late July, skyrocketing from approximately US$9 billion at the end of 2025.
Following a US$65 billion private funding round in May that valued the maker of Claude at US$965 billion post-money, the company is now projecting US$190 billion to US$200 billion in revenue by 2028 to support the US$2 trillion public price tag.
The IPO discussions expand existing operational ties between Anthropic and NVIDIA.
In November 2025, NVIDIA pledged up to US$10 billion to the startup, tied to an agreement requiring Anthropic to purchase US$30 billion in NVIDIA-powered Microsoft (NASDAQ:MSFT) Azure computing capacity.
More recently, NVIDIA has deployed its own balance sheet to directly broker physical infrastructure access for Anthropic. In late August, Anthropic signed a US$35 billion cloud-computing contract with Lambda, a cloud provider backed by NVIDIA.
In a highly structured arrangement, NVIDIA holds the actual lease on the 700 megawatt Nueces County, Texas, data center being developed by Hut 8 (TSX:HUT,NASDAQ:HUT). This guarantees the space and allows Lambda to service Anthropic without procuring the real estate itself.
Earlier in August, Anthropic executed a similar US$45 billion agreement with another NVIDIA-backed cloud provider, Nscale, to lease capacity in West Virginia.
Despite its reliance on NVIDIA graphics processing units, Anthropic continues to diversify its supply chain.
The startup committed over US$100 billion in April to Amazon Web Services over the next decade, anchored by plans to use more than 1 million Amazon (NASDAQ:AMZN) Trainium2 chips.
It simultaneously secured multiple gigawatts of tensor processing unit (TPU) capacity from Google (NASDAQ:GOOGL) and Broadcom (NASDAQ:AVGO) in a separate deal. Google is actively providing financial guarantees to help Hut 8 raise debt for separate Anthropic data centers designed specifically to house TPUs.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
