Nvidia eyes $10B anchor stake in Anthropic's planned ~$2T IPO, backed by Anthropic's revenue surge from $9B to $65B in under a year.
September 12, 2026
brightray analysis
Summary
Nvidia is in talks to invest up to $10 billion as an anchor investor in Anthropic's IPO, which targets a $2 trillion valuation and up to $100 billion raised — potentially the largest IPO in history. Anthropic's revenue grew from roughly $9 billion at end-2025 to over $65 billion by July 2026, underpinning the scale. The two companies are already tightly coupled: Anthropic runs on Nvidia GPUs and committed $30 billion in Azure compute loaded with Nvidia chips.
Why it matters
- Anthropic targets a $2T valuation and $100B raise — the largest IPO in history if it closes before November 2026 US midterms.
- Revenue grew ~7x in under 8 months ($9B → $65B+), providing the financial basis for the valuation.
- Nvidia's anchor role reinforces its strategy of investing in top AI labs that then buy back Nvidia chips, recycling capital through the AI supply chain.
- The existing $30B Anthropic–Azure–Nvidia compute commitment means this IPO investment deepens an already structural financial relationship.
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