Anthropic is reportedly in early-stage discussions with Nvidia over a potentially massive funding round that could rival the largest IPOs in history, according to Reuters. The talks include the possibility of Nvidia investing about $10 billion, Reuters said on Saturday, citing people familiar with the matter.

Reuters also reported that Anthropic may be aiming to raise up to $100 billion in the offering, a figure that—if realized—could place the company’s valuation around $2 trillion. Negotiations are still ongoing and could change, the people said, with both sides remaining tight-lipped as talks remain confidential.

Key takeaways

• Reuters reports Anthropic is discussing a deal with Nvidia that could include a roughly $10 billion investment.
• The potential IPO fundraising target discussed by Reuters could reach as much as $100 billion, implying a valuation near $2 trillion.
• If structured as an early backer arrangement, Nvidia’s involvement would both support the offering and deepen its relationship with an important customer.
• Broader AI competition is increasingly spanning chips, model ecosystems, and developer tooling—areas where Nvidia is already expanding.

Why Nvidia’s potential role matters

While IPO participation can be purely financial, Nvidia’s reported interest would likely carry strategic weight. Reuters said Nvidia could act as an early strategic backer—an approach that often helps issuers secure stronger investor confidence, potentially smoothing the path for a large-scale listing.

From Nvidia’s perspective, Anthropic is a high-profile AI customer. Reuters’ reporting suggests the discussions could be a way for Nvidia to both support a major capital raise and strengthen commercial ties with a company viewed as central to frontier AI development.

A fundraising goal that would reshape the IPO landscape

Reuters described the potential size of the offering as extraordinary: up to $100 billion, with a possible valuation of about $2 trillion for Anthropic. Whether that scale is achievable depends on market conditions and the final structure of the deal, including investor demand and how much of the funding is actually raised through new shares versus other components of the transaction.

Still, the reported numbers highlight how quickly the market is adjusting to “mega-round” expectations around leading AI firms. Anthropic—positioned as a major player in frontier models—would be entering a public market environment where investor appetite for AI-related exposure is already shaped by years of capital inflows and competition for computing resources.

Context: Nvidia’s push across the AI stack

The Nvidia-Anthropic story arrives after Nvidia moved to broaden its influence beyond hardware. Earlier this month, Cointelegraph reported that Nvidia agreed to acquire Hugging Face for $12.9 billion, a deal intended to expand Nvidia’s reach into AI software and the tools developers use to build and deploy models.

Cointelegraph noted that Hugging Face serves more than 18 million developers and hosts over three million models, quoting Nvidia CEO Jensen Huang’s remarks. The acquisition, Cointelegraph reported, would give Nvidia control of a major platform for AI models as companies increasingly compete across chips, software, and developer ecosystems.

That background matters because a potential Nvidia backer role in Anthropic could be seen as another step in the same broader strategy: linking foundational compute (chips), model development and deployment infrastructure (model and developer platforms), and high-impact frontier model providers.

Deals around compute capacity underscore the demand

Nvidia’s potential involvement with Anthropic also fits into a larger pattern of AI-related infrastructure contracting. Cointelegraph previously reported that Bitcoin miner Riot Platforms secured a 20-year agreement to supply 191 megawatts of capacity from its Rockdale, Texas, campus to a “leading frontier AI” company.

Cointelegraph said the customer was Anthropic, and cited Bloomberg’s reporting that the deal was valued at about $9 billion, again referencing people familiar with the matter. Agreements like this reflect how aggressively AI builders and compute providers are trying to lock in long-duration supply as demand for processing power continues to rise.

In that context, a potential IPO of Anthropic at a valuation near $2 trillion would not just be a financial event—it would be one of the clearest public signals yet about how much capital the market believes frontier AI companies need and how seriously investors are pricing them.

For now, the key unknown is how these negotiations resolve: Reuters’ reporting leaves open both the final fundraising amount and whether Nvidia’s role materializes in the way described. Investors and observers will want to watch for confirmation from the companies, more detailed deal terms, and how market appetite for large AI IPOs evolves as discussions move from talks to filings.

Anthropic is in talks with Nvidia about a potential $10 billion investment in what may be the biggest IPO in history, Reuters reported on Saturday, citing people familiar.

The people said Anthropic is seeking to raise as much as $100 billion in the offering, which could value the AI company at about $2 trillion.

The discussion is ongoing and could change, the people told Reuters, remaining anonymous amid the confidential negotiations.

Nvidia could supply Anthropic with an early strategic backer for the offering and also strengthen ties ​between the chipmaker and an important customer.

Reuters said that Anthropic declined to comment and that Nvidia had yet to respond to a request for comment.

Related: Nvidia buys Hugging Face for $12.9B in push into AI software

Cointelegraph reported on Aug. 11 that Bitcoin miner Riot Platforms had secured a 20-year agreement to supply 191 megawatts of capacity from its Rockdale, Texas, campus to a “leading frontier AI” company.

The customer was Anthropic and the deal was valued at about $9 billion, Bloomberg reported, citing people familiar with the matter.

Cointelegraph reported earlier this month that Nvidia agreed to acquire Hugging Face for $12.9 billion, extending its reach into the software and tools developers use to build artificial intelligence.

Hugging Face serves more than 18 million developers and hosts over three million models, Nvidia CEO Jensen Huang said.

The acquisition would give Nvidia control of a major platform for AI models as technology companies increasingly compete across chips, software and developer tools.