Nvidia in talks to invest $10B in Anthropic IPO

Nvidia is in discussions to invest up to $10 billion in Anthropic’s planned initial public offering. Anthropic is reported to be seeking as much as $100 billion at a valuation near $2 trillion, but neither company has confirmed those figures.

A $10 billion commitment would cover roughly one tenth of the reported fundraising target. Nvidia made a similar $10 billion commitment in November 2025 and has participated in financing arrangements tied to AI data center capacity.

If priced as reported, Anthropic’s target would exceed the size and valuation of SpaceX’s June offering, which raised about $75 billion at an approximate $1.8 trillion valuation. The final amount and valuation will depend on the IPO’s pricing and completed terms.

An anchor investor typically agrees to buy a large block of shares before a listing opens. That early order can help set a credible price for other buyers and is often part of the process for pricing a large offering.

Market instruments already reflect high expectations for Anthropic’s valuation. Nineteen exchanges list pre-IPO perpetual futures tied to the company; those contracts implied an average valuation of about $1.94 trillion at the start of September. Major crypto platforms offer such contracts alongside smaller venues.

Prediction markets show odds the IPO will occur before year-end. One market assigns roughly 67% probability of a listing by October 31, rising to about 85% by November 15 and 90% by December 31, with roughly $2.9 million in volume on those contracts.

Anthropic filed for an IPO confidentially in June and has not yet published a prospectus required to finalize offering details. Reports say the company is aiming to list before the U.S. midterm elections in November, but the timing and the reported financial targets remain unconfirmed by both companies.