Nvidia wants to pour up to $10 billion into Anthropic's record-breaking IPO
| Source: THE DECODER
Tags: Anthropic, Nvidia, IPO, funding, Claude, AI valuation
Nvidia is in talks to invest up to $10 billion as anchor investor in Anthropic's planned IPO — targeting a $2 trillion valuation and $100B raise that would make it the largest IPO in history — as Anthropic's revenue grew from ~$9B at end-2025 to over $65B by July 2026.
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Reuters reported Nvidia is in advanced talks to anchor Anthropic's IPO with up to $10 billion in committed shares before the stock hits the open market. The IPO targets a valuation of ~$2 trillion and a raise of up to $100 billion — both figures that would be unprecedented in IPO history.\n\nThe two companies are already deeply intertwined: Anthropic runs its models on Nvidia GPUs and in 2025 committed to purchasing $30 billion in Azure compute packed with Nvidia chips. Anthropic's revenue trajectory is striking — from roughly $9 billion at end-2025 to over $65 billion by July 2026, roughly a 7x annual run rate increase in seven months.\n\nNvidia's broader pattern here is notable: it is effectively acting as a capital recycler for the AI industry, investing in customers like Anthropic and OpenAI while simultaneously backstopping ~$300 billion in data center financing guarantees. Most capital flows back to Nvidia as chip orders.\n\nThe IPO is expected to close before the US midterms in November — providing a hard deadline. The timing intersects awkwardly with Anthropic CEO Dario Amodei's simultaneous call to slow AI development.