Anthropic is in talks to have Nvidia NVDA.O as an anchor investor in what could be the biggest initial public offering (IPO) in history, two people familiar with the matter told Reuters.
Anthropic seeks to raise up to US$100 billion (more than R$512 billion), which could value the artificial intelligence startup at around US$2 trillion (R$10 trillion), the sources said. Nvidia is considering investing up to US$10 billion (R$50 billion) in the IPO, added one of them. The plans remain under discussion and could change, warned the sources, who requested anonymity because the conversations are confidential.
Nvidia's possible participation in the IPO, not yet reported, would give Anthropic a strategic investor from the beginning for an offering of exceptional proportions, while also further deepening ties between the chipmaker and one of its main customers. The addition of an anchor investor with great financial power, such as Nvidia, could increase investor confidence in the listing, which is shaping up as an important test of the stock market's appetite for the huge valuations and capital needs of cutting-edge AI labs.
Anthropic declined to comment. Nvidia did not immediately respond to a request for comment.
Anchor investors are generally institutional investors who commit to purchasing a defined portion of an IPO before it is offered more broadly to the market, giving an initial vote of confidence to the shares. It has become increasingly common for mega-IPOs to secure commitments in advance from institutional investors, given the high amounts they intend to raise. Chipmaker Arm's anchor investors included Nvidia and Amazon, while Saudi sovereign wealth fund PIF was among SpaceX's anchor investors.
The deepening relationship highlights the complex links between developers of AI models and the companies that provide the enormous computing power they require. Anthropic relies heavily on Nvidia GPUs, but is also looking to diversify its chip suppliers as demand for Claude has put pressure on its available computing capacity.
In November 2025, Nvidia said it would invest up to $10 billion in the AI startup as part of a broader partnership, in which Anthropic committed to acquiring $30 billion in computing capacity from Microsoft Azure, powered by Nvidia chips.
Anthropic already counts the largest technology companies in the world among its investors. Among them are Amazon and Google, which are also its main suppliers of computing capacity. In April, Anthropic stated that it would allocate more than US$100 billion, over a decade, to Amazon's AWS, in addition to using more than 1 million of the company's Trainium2 chips. The company has also entered into agreements with Google and Broadcom to add several gigawatts of TPU capacity.
The company has been trying to expand access to computing power as its revenue soars. It is also working to gain greater control over hardware costs by forming an in-house team to design custom chips for the Claude.
The listing, which is expected to be completed before the US midterm elections in November, would represent another bump in Anthropic's valuation. The creator of Claude raised US$65 billion (R$333 billion) in May, with a post-investment valuation of US$965 billion (R$4.9 trillion). Its annualized revenue had surpassed US$65 billion at the end of July, compared to around US$9 billion at the end of 2025, according to the company. The possible valuation also depends, in part, on the company's projections of revenue between approximately US$190 billion and US$200 billion in 2028, as previously reported by Reuters.
Anthropic's long-awaited IPO adds to a series of billion-dollar debuts that has driven the US initial public offering market towards a record year, following the debut of Elon Musk's SpaceX in June.
IPOs in the United States, excluding special purpose acquisition companies, raised a record $137 billion by the end of August, according to Dealogic.
