Nvidia in Talks to Invest Up to $10 Billion in Anthropic IPO

Nvidia is in talks to invest up to $10 billion in Anthropic's initial public offering. Anthropic is in talks with Nvidia to bring the chip giant into its IPO as a cornerstone investor. Cornerstone investors are typically institutional investors that commit to subscribe for a specific portion before the IPO's public offering to the market, providing early endorsement for the listing. As mega IPOs become increasingly common, securing institutional investors in advance has become customary. Nvidia has played a similar role before: Nvidia and Amazon were among the cornerstone investors in chip designer Arm's IPO, while Saudi sovereign wealth fund PIF was one of SpaceX's cornerstone investors.

Anthropic's valuation has jumped substantially in recent months. In May 2026, the company completed a financing at a post-money valuation of $965 billion; if the IPO is completed at a $2 trillion valuation, it would mean the valuation more than doubled in a short period. Rapid revenue growth is the key support for the valuation. Anthropic said its annualized revenue run rate rose from about $9 billion at the end of 2025 to more than $65 billion by the end of July 2026. The company's internal forecast for 2028 revenue is about $190 billion to $200 billion.

Anthropic relies heavily on Nvidia GPUs, while also actively seeking to diversify its chip supply, as surging demand for its Claude models has strained existing computing capacity. In April 2026, Anthropic announced it would invest more than $100 billion in Amazon AWS over ten years and adopt more than 1 million Amazon Trainium2 chips; it also reached agreements with Google and Broadcom to add several gigawatts of TPU compute. In November 2025, Nvidia announced it would invest up to $10 billion in Anthropic as part of a broader strategic partnership. Under that framework, Anthropic committed to purchase $30 billion of Microsoft Azure compute powered by Nvidia chips. Anthropic is building an internal team specifically to design chips customized for Claude models.