Nvidia in talks to anchor Anthropic's $2T IPO

Nvidia is in talks to anchor Anthropic's initial public offering with as much as $10 billion, according to a Reuters report citing people close to the deal. The listing could raise close to $100 billion at a valuation near $2 trillion, a size that would rank as the largest IPO on record.

This wouldn't be Nvidia's first check to Anthropic. In November 2025, Nvidia committed up to $10 billion to Anthropic as part of a partnership tied to $30 billion of Azure capacity running Nvidia chips. Add a second $10 billion in the IPO and Nvidia becomes both Anthropic's chip supplier and one of its biggest shareholders in the same relationship.

Reuters cites unnamed sources for the talks. Neither company has confirmed the numbers, so the size, price and Nvidia's final stake could still change. The listing is reportedly targeted to price before the November US midterms.

I don't know how anyone prices a deal where the supplier is also underwriting the customer's public debut. If Anthropic's prospectus files Nvidia's stake as a normal disclosure line rather than a related-party risk, someone should ask why before the roadshow starts.