❯ Anthropic Seeks Nvidia as IPO Anchor, Targeting Up to $100 Billion at a Roughly $2 Trillion Valuation

IPO talksReuters reported, citing people familiar with the matter, that Anthropic is discussing an anchor investment with Nvidia, which could commit as much as $10 billion to the IPO. Anthropic is seeking to raise up to $100 billion at a valuation of roughly $2 trillion, though the talks remain preliminary.

Capital tiesAnchor investors commit before an offering, providing a demand benchmark for a very large listing. Nvidia is already a major supplier of chips used to train and run Anthropic models. A completed deal would extend the chip supplier-model developer relationship from procurement into equity, while the final investment, offering size and timetable could still change.

Listing testA $100 billion fundraising target is far beyond a conventional technology IPO. Public investors must test whether revenue can catch up with long-term compute commitments. Nvidia could improve execution certainty, but it cannot answer Anthropic’s questions about profitability and capital efficiency.

▪ SIGNALIf Nvidia becomes both supplier and anchor shareholder, Anthropic’s demand book may strengthen while compute purchases and investment returns face scrutiny on the same page.