From Mexico — Saturday I’m reading a Reuters exclusive that still feels huge a day later: Anthropic is in talks to bring Nvidia in as an anchor investor on what could be the largest IPO in history. I’m sticking to what sources told the wire — not hype math I invent.
The Straits Times republished the same Reuters package today (Sep 12). Bloomberg summarized it too. Core numbers below come from those write-ups.
The ask — and Nvidia’s possible check
Two people familiar with the talks told Reuters Anthropic wants to raise as much as $100 billion, which could value the Claude maker at around $2 trillion. One source said Nvidia is considering investing up to $10 billion in the IPO. Plans remain under discussion and could change — they asked for anonymity because the talks are confidential.
Anthropic declined to comment. Nvidia did not immediately respond, per Reuters and the Straits Times reprint. Anchor investors usually lock a slice before the broad roadshow — Arm’s anchors included Nvidia and Amazon; that’s the frame Reuters uses for why this matters.
Not a cold start — chips, Azure, and prior $10B talk
In November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership where Anthropic committed to buy $30 billion of Microsoft Azure compute powered by Nvidia chips — again, that’s Reuters’ recap. An IPO-anchor conversation on top of that would deepen an already tight customer–supplier loop.
Amazon and Google are already backers and major compute suppliers. In April, Anthropic said it would commit more than $100 billion over a decade to AWS and use more than 1 million Trainium2 chips; it also agreed with Google and Broadcom on multi-gigawatt TPU capacity. The company is also building an in-house custom-chip team for Claude — all per the same Bloomberg / Reuters package.
How we got near a $2T chat
The listing is expected to complete before the U.S. midterm elections in November, sources told Reuters. In May, Anthropic raised $65 billion at a post-money valuation of $965 billion. Annualized revenue run rate sat above $65 billion by the end of July, up from about $9 billion at the end of 2025, according to the company. Reuters previously reported that the potential valuation hinges in part on projections of roughly $190–200 billion in 2028 revenue.
U.S. IPOs excluding SPACs have already raised a record $137 billion through the end of August, Dealogic told Reuters — SpaceX’s June debut sits in that same blockbuster year. From Hermosillo, the useful takeaway isn’t “$2T is locked.” It’s that frontier labs are testing how much public-market appetite exists for these capital stacks — and that Nvidia may be willing to put real money on the order book if the talks hold.
Primary: Reuters exclusive. Same-day echoes: Straits Times, Bloomberg, Hindu BusinessLine.
