Anthropic in talks with Nvidia as anchor investor for potential $2 trillion IPO

Anthropic, the AI company behind the Claude family of models, is in discussions with Nvidia to serve as an anchor investor in a potential IPO that could raise up to $100 billion, according to Reuters. If completed, the offering would value Anthropic at roughly $2 trillion, making it the largest IPO ever by a wide margin.

Nvidia is reportedly considering an investment of up to $10 billion in the offering, a figure that mirrors the chipmaker’s existing commitment to Anthropic’s computational needs. The IPO is targeting completion before the November 2026 US midterm elections, with an S-1 filing expected in late September 2026.

From startup to $2 trillion candidate in three years

Anthropic’s most recent private valuation hit $965 billion following a $65 billion Series H funding round in May 2026. A $2 trillion public valuation would roughly double that figure in a matter of months.

Anthropic’s annualized revenue run rate exceeded $65 billion by the end of July 2026. A $100 billion raise would dwarf every previous IPO in history. For comparison, Saudi Aramco’s 2019 listing raised roughly $25.6 billion.

Why Nvidia as anchor investor

The chipmaker has already committed as much as $10 billion for Anthropic’s computational infrastructure, a deal established in 2025. Having Nvidia anchor the IPO serves multiple strategic purposes for both parties. For Anthropic, it’s a signal of credibility to public market investors. For Nvidia, it deepens a relationship with one of its most important customers while giving it equity upside in the AI application layer, not just the infrastructure layer.

The IPO timing and what it signals

The push to complete the offering before November’s midterm elections gives Anthropic a window ahead of the regulatory and political uncertainty that tends to increase around election cycles. The S-1 filing, targeted for late September, would give investors roughly a month to digest the company’s financials before shares begin trading.

That said, these discussions are still described as being in early stages. IPO plans at this scale involve extensive negotiations with underwriters, regulatory filings, and roadshow preparations.

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