Anthropic is in talks with Nvidia about becoming an anchor investor in a planned initial public offering, with Nvidia considering an investment of up to $10 billion, according to the company’s disclosed plans for the deal.

Anthropic is seeking to raise as much as $100 billion in the offering, with a potential valuation of about $2 trillion, according to the details outlined in the current discussions. Nvidia’s possible role as an anchor investor would place one of the most influential companies in AI hardware at the center of the listing.

The talks remain at the discussion stage, and key terms could still change. The available information does not specify a launch date, final deal structure, lock-up terms, or whether Nvidia’s potential participation would come with any strategic commercial arrangements beyond the investment itself.

The proposed transaction would build on a broader run-up in Anthropic’s IPO preparations. Earlier reports said the company had drawn investor interest at sharply rising private-market valuations. Separate reporting in recent months also said Anthropic was moving through early listing steps, including work around underwriting and plans for an IPO investor meeting.

Nvidia’s involvement would matter beyond capital alone. As the dominant supplier of AI chips, Nvidia has become a central counterpart for frontier model developers, whose growth depends heavily on compute access and large, sustained funding. An anchor role in Anthropic’s IPO would deepen that link in the public markets.

Why It Matters

This is a significant capital-markets test for the AI sector. Anthropic’s targeted fundraising size and valuation push well beyond a standard technology listing and would gauge whether public investors are prepared to finance frontier AI laboratories at a scale previously concentrated in private markets.

The talks also highlight how closely AI model companies and infrastructure providers are becoming tied together. If a company like Nvidia backs a flotation of this size, it could strengthen the case that strategic AI supply-chain relationships are becoming an important part of how the sector funds expansion.