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<p>Anthropic’s IPO is expected to welcome Nvidia as a lead investor for up to 10 billion dollars. Indeed, the designer of Claude could seek up to 100 billion dollars, however these amounts remain under discussion and neither company has confirmed them.</p>
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  <h2 class="in-brief--title" id="in-brief">In brief</h2>
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   <li>Nvidia could invest up to 10 billion dollars in Anthropic’s upcoming IPO.</li>
   <li>Anthropic would aim for a record raise of 100 billion dollars, for a valuation close to 2000 billion.</li>
   <li>Discussions are ongoing, with no firm commitment announced by Nvidia.</li>
   <li>Nvidia is already a supplier and investor in Anthropic, notably around the infrastructure needed for Claude.</li>
   <li>Anthropic is diversifying its chip and cloud providers to reduce dependency on Nvidia.</li>
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<h2 id="nvidia-has-yet-to-make-any-firm-commitment">Nvidia Has Yet to Make Any Firm Commitment</h2>
<p><a href="https://www.cointribune.com/en/ai-anthropic-now-targets-mid-october-for-its-ipo/" rel="noopener noreferrer nofollow">Anthropic</a> is currently discussing with Nvidia an investment that could approach 10 billion dollars in its upcoming IPO.</p>
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<p>The discussions remain confidential. However, their amount and terms can still evolve. Anthropic has not wanted to comment on this information, while Nvidia has provided no details on <a href="https://www.reuters.com/legal/transactional/nvidia-talks-invest-anthropics-mega-ipo-sources-say-2026-09-11/" rel="noopener noreferrer nofollow">these negotiations</a>.</p>
<p>Nevertheless, the main figures reveal the scope of the project :</p>
<ul>
 <li>Nvidia could invest up to 10 billion dollars ;</li>
 <li>Anthropic would seek to raise a maximum of 100 billion ;</li>
 <li>The targeted valuation would be close to 2000 billion dollars ;</li>
 <li>The operation could conclude before the U.S. elections in November.</li>
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<p>With a ticket of 10 billion dollars, Nvidia could finance 10% of the sought amount. Its participation could represent nearly 0.5% of a 2000 billion valuation, without considering the final offer conditions.</p>
<p>The chip manufacturer could act as a lead investor. Such an actor commits before the global commercialization of shares. Its presence can reassure all other investors and facilitate such a large raise.</p>
<h2 id="anthropic-s-ipo-could-set-a-new-record">Anthropic’s IPO Could Set a New Record</h2>
<p>According to <a href="https://cointelegraph.com/news/nvidia-considers-10b-investment-in-anthropic-record-ipo-reuters" rel="noopener noreferrer nofollow">published information</a>, Anthropic hopes to secure up to 100 billion dollars during its IPO. If the company raises this amount, the operation would become the largest IPO ever executed.</p>
<p>The company’s valuation could then exceed 2000 billion dollars. In a few months, it would have more than doubled. Anthropic was previously valued at 965 billion dollars after a 65 billion dollar raise in May.</p>
<p>Such acceleration is based on the commercial growth of Claude. The company’s annualized revenue run rate is beyond 65 billion dollars at the end of July, compared to nearly 9 billion dollars at the end of 2025.</p>
<p>However, this on-chain analysis indicator extrapolates sales observed in recent weeks over twelve months. It does not equate to revenue already collected during a full fiscal year.</p>
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<p>Anthropic could now aim for revenues between 190 and 200 billion dollars in 2028. A 2000 billion valuation would thus correspond to nearly ten times this upcoming revenue, provided the target is met.</p>
<h2 id="nvidia-is-already-both-supplier-and-investor">Nvidia Is Already Both Supplier and Investor</h2>
<p>A possible participation in the IPO would strengthen an already close relationship. Anthropic heavily uses Nvidia’s graphic processors for training its models and processing Claude’s requests. Sometimes, the demand has exceeded available computing capacity.</p>
<p>Nvidia had already disclosed an investment approaching 10 billion dollars in Anthropic in November 2025. As for Microsoft, it planned to contribute up to 5 billion, while the startup committed to acquiring 30 billion dollars of Azure services powered by Nvidia chips.</p>
<p>Analyst Gil Luria has <a href="https://www.reuters.com/technology/anthropic-commits-30-billion-microsoft-azure-compute-2025-11-18/" rel="noopener noreferrer nofollow">explained</a>:</p>
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 <p>Nvidia also somewhat depended on OpenAI’s success and now contributes to creating a broader demand.</p>
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<p>The link between this commitment and the new expected IPO ticket has not been clarified. Therefore, one should not immediately sum the two amounts.</p>
<p>Anthropic also wants to reduce its dependence on Nvidia. The company plans to spend more than 100 billion dollars on Amazon Web Services over ten years. It also uses Amazon’s Trainium chips, Google’s TPU, and develops its own components.</p>
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<h2 id="h-a-valuation-exposed-to-the-costs-of-artificial-intelligence">A Valuation Exposed to the Costs of Artificial Intelligence</h2>
<p>Nvidia’s participation could provide Anthropic important financial and industrial support. It should also highlight the circular relationships within the sector. The chip supplier could invest in a client who then uses part of its capital to acquire computing power.</p>
<p>Such a model supports sales growth but makes performance evaluation more complex. Investors will determine what portion of revenue comes from sustainable demand and which depends on agreements made between the same technology companies.</p>
<p>Another point of vigilance relates to costs. Anthropic must finance data centers, electricity, chips, and the development of new models. A significant revenue increase therefore does not guarantee quick profits.</p>
<p>The future prospectus will specify <a href="https://www.cointribune.com/en/ai-anthropic-prepares-a-50-billion-fundraising-this-summer-to-surpass-openai/" rel="noopener noreferrer nofollow">the actual amount raised</a>, the number of shares offered, and the nature of Nvidia’s investment. Until this document is published, Anthropic’s IPO remains a project that can evolve.</p>

Nvidia Could Become Key Investor In Anthropic IPO

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