Nvidia is in talks to invest as much as $10 billion as an anchor investor in an Anthropic IPO, according to people familiar with the matter cited by Reuters. Anthropic declined to comment, and Nvidia did not respond to Reuters.
Those sources, as relayed in follow-on coverage of the Reuters report, said Anthropic is seeking to raise as much as $100 billion at a valuation near $2 trillion and aims to complete a listing before the November 2026 U.S. midterm elections. Desk research could not retrieve the original Reuters article or a public prospectus; treat the size, valuation, and timing figures as unconfirmed secondhand reporting, not established fact. If the talks hold, Anthropic would be attempting a public raise far larger than prior AI listings, with Nvidia asked to help validate the price while remaining a core chip supplier. That dual role — capital and compute in the same loop — is the business story: an IPO anchor who also sells the GPUs behind the model company’s spend. A possible jump from a May private valuation near $965 billion toward $2 trillion, and a political-calendar deadline before the midterms, would matter to markets and regulators — but only if the anonymous-source outline survives contact with a real filing.
What is clear today is limited: a Reuters-sourced report of talks, two companies offering no on-the-record confirmation, and an open question about how any IPO dollars relate to Nvidia’s existing up-to-$10-billion partnership pledge. A separate, earlier deal complicates how to read any IPO check. In November 2025, Microsoft, Nvidia, and Anthropic announced partnerships under which Nvidia would invest up to $10 billion and Microsoft up to $5 billion, with Anthropic committing to buy Azure compute running on Nvidia chips. Coverage of the Reuters report noted that it does not establish whether any IPO investment would be in addition to that earlier Nvidia commitment — or whether the figures overlap.