Anthropic Plans $100B IPO With Nvidia Talks
Anthropic Plans $100B IPO With Nvidia Talks
Anonymous
Key Points
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The proposed investment would make Nvidia a “cornerstone” or anchor investor, meaning it would agree in advance to purchase a specified portion of Anthropic’s shares before the IPO is broadly marketed—a structure increasingly used for large stock-market debuts.
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The potential IPO investment builds on a broader partnership announced in November 2025: Nvidia said it intended to invest up to $10 billion in Anthropic, while Anthropic agreed to purchase $30 billion worth of Microsoft Azure computing capacity powered by Nvidia chips.
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Although Anthropic relies heavily on Nvidia GPUs, it is also seeking to diversify its chip supply as demand for its Claude service grows and computing resources remain scarce.
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Anthropic’s existing strategic relationships extend beyond Nvidia: the company has partnerships with technology giants including Amazon and Google, underscoring the broader competition among AI developers and their infrastructure providers.
Anthropic is in advanced discussions with Nvidia about a potential $10 billion investment in what could become the largest IPO in history, according to Cryptopolitan. The deal would value the AI company near $2 trillion and raise as much as $100 billion. Nvidia's role as an anchor investor—agreeing in advance to buy a large block of shares—could bolster investor confidence in the public debut.
The agreement remains under negotiation, with terms still subject to change, NDTV Profit reports. The potential investment builds on a November 2025 partnership where Nvidia committed up to $10 billion to Anthropic while Anthropic agreed to purchase $30 billion in computing capacity. The arrangement raises questions about conflicts of interest, since Nvidia supplies the chips that power Anthropic's business.
What an Anchor Investor Does
An anchor investor commits to buy a set amount of shares before an IPO launches publicly, Abab News explains. This structure gives the company confidence it will raise capital and signals to other investors that a major player trusts the deal. Anchor investor deals have become more common for large IPOs in recent years.
The Nvidia-Anthropic Supply Partnership
Nvidia built its AI dominance by selling the chips that power large language models like Claude. Anthropic depends heavily on Nvidia GPUs for its computing infrastructure. Archynetys reports that Nvidia's $10 billion anchor investment deepens this relationship while potentially validating Anthropic's $2 trillion valuation—the company Nvidia depends on to buy more chips.
Despite relying on Nvidia, Anthropic is diversifying its chip suppliers as demand for Claude grows and computing capacity remains tight, Democrata reports. The company has also partnered with Amazon and Google, spreading its infrastructure bets across multiple giants. This multi-vendor approach reduces Anthropic's dependence on any single chipmaker.
The Conflict of Interest Question
Having Nvidia help fund Anthropic's IPO and validate its $2 trillion valuation creates an awkward dynamic. Nvidia profits when Anthropic's value rises because Anthropic buys more of its chips. A higher valuation also justifies higher prices for the computing capacity Anthropic purchases from Nvidia. Both companies benefit from inflating the deal's size and terms.
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