By Team INVC | INVC NEWS
SAN FRANCISCO, United States | September 12, 2026 —
Anthropic IPO plans are moving into extraordinary territory as the Claude maker discusses bringing Nvidia into its potential public offering as an anchor investor, setting up what could become the largest initial public offering in history.
Anthropic is seeking to raise as much as $100 billion through the IPO, according to people familiar with the discussions. The proposed offering could value the artificial intelligence company at around $2 trillion.
Nvidia is considering investing as much as $10 billion in the offering.
However, investors should treat those figures as potential terms rather than finalized numbers. Discussions remain underway, and the size, valuation and Nvidia investment could still change.
If Anthropic proceeds near the currently discussed scale, the listing would become a defining test of whether public markets are prepared to finance the enormous capital requirements of frontier artificial intelligence companies.
Anthropic has already taken the first formal IPO step
The potential listing is more than market speculation.
Anthropic announced on June 1 that it had confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission for a proposed IPO of its common stock.
A confidential submission allows the SEC to review the paperwork before the company publicly releases a prospectus.
It does not guarantee that the IPO will happen on a particular date.
Anthropic has said the offering remains dependent on market conditions and other factors.
The public version of the prospectus will become particularly important because it should provide investors with a much deeper view of Anthropic’s finances, costs, risks and business model.
Why does Anthropic want Nvidia as an anchor investor?
An anchor investor typically commits to buying a significant portion of shares before an IPO is marketed more widely.
Securing Nvidia could therefore provide Anthropic with a powerful early endorsement.
The relationship also has a major strategic dimension.
Anthropic requires enormous quantities of computing power to train and operate Claude. Nvidia’s GPUs remain a critical part of the infrastructure powering advanced AI models.
A potential $10 billion investment would deepen the financial relationship between one of the world’s most important AI developers and the leading supplier of AI accelerators.
Still, Anthropic has deliberately diversified its computing infrastructure rather than depending exclusively on Nvidia.
Amazon and Google are already deeply connected to Anthropic
Anthropic’s technology ecosystem extends across several of the world’s largest technology companies.
Amazon and Google are major Anthropic backers as well as important computing partners.
The company uses AWS Trainium chips, Google TPUs and Nvidia GPUs.
Anthropic has also expanded its relationship with Google and Broadcom to secure multiple gigawatts of next-generation TPU capacity.
Amazon remains Anthropic’s primary cloud provider and training partner.
This multi-platform strategy gives Anthropic access to different types of AI hardware while reducing reliance on a single chip supplier.
For investors, however, the scale of these arrangements raises another important question: how much capital will Anthropic need to sustain its growth?
Claude revenue is growing at remarkable speed
Anthropic’s rapid revenue expansion provides much of the financial story behind the proposed valuation.
The company’s annualized revenue run rate exceeded $65 billion by the end of July, according to the latest reported figures.
That compares with roughly $9 billion at the end of 2025.
Such growth helps explain why investors have repeatedly pushed Anthropic’s private-market valuation higher.
In May, Anthropic raised $65 billion in a Series H financing round at a $965 billion post-money valuation.
A potential $2 trillion IPO valuation would therefore represent another dramatic increase within only a few months.
Could this really become the largest IPO ever?
At the discussed $100 billion fundraising level, Anthropic’s IPO could become the largest public offering ever completed.
That distinction alone could generate enormous investor attention.
However, headline size does not automatically determine whether an IPO succeeds.
Public investors will examine how much revenue Anthropic actually records under standard accounting rules, how quickly its expenses are rising and whether future margins can justify an enormous valuation.
Compute expenditure will be particularly important.
Training and serving frontier AI models requires data centers, electricity, networking equipment and massive quantities of advanced chips.
Anthropic’s growth could therefore require continued capital investment even as revenue expands.
A $2 trillion valuation creates a huge test
The proposed valuation could become the most debated part of the Anthropic IPO.
A $2 trillion valuation would place a relatively young AI company alongside some of the world’s most valuable corporations.
Investors would effectively be betting that Claude can develop into a foundational technology platform with enormous long-term revenue.
Anthropic’s internal projections are another part of that equation.
The company has reportedly projected revenue of roughly $190 billion to $200 billion in 2028.
Reaching numbers of that scale would require continued rapid adoption across businesses and consumers.
Failure to meet aggressive growth expectations could make a premium valuation harder to sustain after listing.
Anthropic’s IPO could reveal the true cost of the AI boom
One of the most important aspects of a public Anthropic prospectus may not be revenue.
It could be costs.
Private AI companies frequently highlight annualized revenue or run-rate figures. Public investors will demand considerably more detail.
They will want to understand booked revenue, operating expenses, cash flow, infrastructure commitments and the economics of serving Claude users.
Those numbers could influence valuations across the entire AI sector.
Consequently, Anthropic’s IPO could become a public-market referendum on whether the extraordinary private valuations attached to frontier AI laboratories are financially sustainable.
Nvidia has strategic reasons to participate
Nvidia has an obvious interest in the continued expansion of frontier AI companies.
AI developers need enormous amounts of computing infrastructure, creating demand for Nvidia accelerators and related systems.
Anthropic is already a major Nvidia customer.
At the same time, the AI developer continues expanding its use of alternative chips from Amazon, Google and Broadcom.
An anchor investment could strengthen Nvidia’s relationship with Anthropic as competition across AI hardware intensifies.
The relationship also illustrates the increasingly interconnected nature of the AI economy.
Chip companies invest in AI developers. AI companies then spend billions on computing infrastructure supplied by chipmakers and cloud providers.
Investors will need to understand those relationships carefully when assessing future earnings and capital requirements.
Amazon, Google and Nvidia create an unusual investor network
Anthropic’s major technology relationships make its prospective IPO particularly unusual.
Several of the companies providing the infrastructure required to build Claude also have financial interests in Anthropic’s success.
That alignment can provide access to enormous computing resources.
It can also create complex commercial relationships that investors will want the prospectus to explain clearly.
Questions around infrastructure commitments, pricing, supplier concentration and related investment arrangements could become important areas of scrutiny.
Anthropic vs OpenAI race reaches Wall Street
The IPO would also intensify competition between Anthropic and OpenAI.
Both companies are spending heavily to develop increasingly capable AI systems.
They compete for enterprise customers, researchers, computing capacity and investment capital.
Going public could give Anthropic access to another enormous pool of capital while establishing a publicly traded valuation for a frontier AI laboratory.
That benchmark could influence how investors value OpenAI and other privately held AI companies.
More importantly, public markets would begin evaluating frontier AI businesses through quarterly financial results rather than private funding rounds alone.
The risks investors cannot ignore
The opportunity surrounding Claude is substantial, but so are the risks.
Valuation risk: A $2 trillion valuation would require extraordinary future growth.
Compute costs: Advanced AI systems consume enormous computing resources.
Competition: OpenAI, Google and other developers continue investing aggressively in rival models.
Chip dependence: Anthropic requires continuing access to advanced computing hardware.
Regulation: Governments are considering increasingly significant rules governing advanced AI systems.
Safety: More capable models can create additional security and misuse concerns.
Revenue quality: Investors will need to distinguish annualized run-rate figures from audited financial results.
IPO uncertainty: The offering size, valuation, timing and Nvidia investment remain subject to change.
When could the Anthropic IPO happen?
The listing is currently expected to move forward before the U.S. midterm elections in November, according to people familiar with the plans.
Nevertheless, investors should not treat that window as a guaranteed IPO date.
Regulatory review, market conditions and final negotiations can change the timetable.
The next major milestone will be Anthropic’s public IPO filing.
That document should provide the clearest picture yet of the company’s financial performance and the economics behind the Claude AI boom.
Until then, the proposed $100 billion fundraising target and $2 trillion valuation remain plans under discussion.
Even with that qualification, Anthropic is preparing to test something Wall Street has never seen at this scale: whether investors are willing to value a frontier AI laboratory among the world’s largest corporations.
