Nvidia Wants a $10 Billion Stake in the Same Company It’s Losing Ground With
Nvidia considers investing up to $10 billion in Anthropic's planned $100 billion public offering, even as Anthropic actively works to reduce its reliance on Nvidia's own chips.
Reuters reports that Anthropic is in talks with Nvidia to secure the chipmaker as an anchor backer for its record-setting initial public offering.
The AI company could seek as much as $100 billion at a valuation of roughly $2 trillion, potentially surpassing SpaceX’s historic debut.
Both companies have remained silent publicly, with Anthropic declining comment, per the report, and Nvidia not immediately responding, leaving the terms and Nvidia’s final decision unsettled.
What an Anchor Investor Actually Buys Anthropic
Landing Nvidia as an anchor investor offers Anthropic something money can’t easily buy: instant market credibility.
Anchor backers in major IPOs commit to buying shares before the wider public can. By stepping up early, they signal to incoming buyers that a sophisticated player has done the heavy diligence and believes in the deal.
As Reuters notes, this playbook has become standard for mega-listings.
Chip designer Arm brought in Nvidia and Amazon, while Saudi Arabia’s Public Investment Fund helped anchor SpaceX’s offering.
For a listing of Anthropic’s scale, expected to price before November’s U.S. midterm elections, a name as recognizable as Nvidia locking in early would meaningfully de-risk the offering for every investor who follows.
Nvidia Would Be Doubling Down, Not Starting Fresh
The potential IPO investment would build on Nvidia’s existing relationship with Anthropic.
In November 2025, Nvidia agreed to invest up to $10 billion as part of a broader computing partnership, while Anthropic committed to buying $30 billion of Microsoft Azure capacity powered by Nvidia chips, as the report notes.
Landing this IPO investment would deepen a relationship Nvidia expanded less than a year ago.
Even so, Anthropic continues to diversify its infrastructure. It has pledged over $100 billion over a decade to Amazon’s Trainium2 chips, partnering with Google and Broadcom on custom TPUs, and built an in-house team to develop proprietary silicon for its Claude AI.
Nvidia Is Betting on Anthropic’s Success, Not Its Loyalty
The bigger story is not the size of Nvidia’s potential investment, but what it says about its relationship with Anthropic.
While Anthropic is reducing its reliance on Nvidia precisely because relying on a single chip supplier has become an obvious strategic vulnerability as compute demand keeps outpacing supply.
Still, Nvidia appears willing to back Anthropic’s public debut, a move that signals owning a stake in top AI leaders matters more than controlling their hardware.
This reflects a strategic shift for Nvidia: acting less like a component vendor guarding market share, and more like an investor benefiting from the entire AI boom regardless of which chip architecture ultimately wins inside any single customer’s data center.
Source: Nvidia in talks to invest in Anthropic’s mega IPO, sources say
