Nvidia in talks to invest $10B in Anthropic's $2T IPO

TLDR

• Nvidia is in talks to invest up to $10 billion in Anthropic’s planned IPO, which could value the AI company at around $2 trillion.
• The two companies already have a deep commercial relationship, with Anthropic committing to $30 billion in Microsoft Azure computing powered by Nvidia chips.
• Anthropic’s annualized revenue run rate reportedly jumped from $9 billion at end of 2025 to over $65 billion by July 2026.
• Anthropic is actively diversifying its chip suppliers, including deals with Amazon, Google, and Broadcom, which could pressure Nvidia’s market share over time.
• Piper Sandler initiated coverage on Nvidia with an “overweight” rating and $300 price target, while the consensus sits at “Buy” with a $324.34 average target.

Nvidia is reportedly in talks to invest up to $10 billion in Anthropic as the AI startup eyes an IPO that could raise $100 billion at a valuation near $2 trillion. Nvidia stock opened at $218.29 on Monday.

The talks are still preliminary and final terms could change, according to Reuters. But if the deal goes through, Nvidia would become an anchor investor in one of the most watched public offerings in the AI space.

This would not be Nvidia’s first financial tie to Anthropic. In November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership. Anthropic, in turn, committed to purchasing $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.

The relationship puts Nvidia in a unique spot. It could benefit from Anthropic’s growth as both an investor and a hardware supplier.

NVIDIA $NVDA IN TALKS TO INVEST UP TO $10B IN ANTHROPIC IPO

Nvidia is expected to anchor Anthropic’s planned IPO and is considering investing up to $10B in the offering, Reuters reports.

Anthropic is seeking to raise as much as $100B at a valuation of around $2T, which could… pic.twitter.com/UGqm1jHtnM

— Wall St Engine (@wallstengine) September 11, 2026

Anthropic’s growth numbers help explain why the valuation is so high. Its annualized revenue run rate reportedly climbed from around $9 billion at the end of 2025 to more than $65 billion by late July 2026. Some projections put its 2028 revenue between $190 billion and $200 billion.

Anthropic’s Push to Reduce Chip Dependency

Despite the close ties, Anthropic is working hard to reduce its reliance on Nvidia. In April, the company committed more than $100 billion over a decade to Amazon Web Services and signed on to use more than one million of Amazon’s Trainium2 chips.

It also struck deals with Google and Broadcom to add multiple gigawatts of TPU capacity. Separately, Anthropic has reportedly agreed to a $45 billion cloud deal with Nscale and a $10 billion, six-year agreement with Volta for a Norwegian data center.

For Nvidia investors, that diversification matters. The bull case for Nvidia is not just that AI spending grows, but that Nvidia captures a large slice of it. As Anthropic leans on more suppliers, Nvidia’s share of that economics becomes less certain.

What Analysts Are Saying About NVDA

On the analyst side, Piper Sandler just initiated coverage on Nvidia with an “overweight” rating and a $300 price target. Benchmark holds a “buy” rating with a $335 target, and KeyCorp reissued an “overweight” with a $330 target.

Nvidia’s most recent quarter showed revenue of $96.22 billion, up 105.9% year over year, beating estimates of $92.27 billion. EPS came in at $2.22 versus the $2.09 consensus.

The company also has an $80 billion buyback program authorized. A quarterly dividend of $0.25 per share is set to be paid October 1.

On the insider side, Director Mark Stevens sold over 622,000 Nvidia shares on September 4 at an average price of $231.62. EVP Timothy Teter also sold 30,000 shares at $217.88 on August 31.

Institutional ownership stands at 65.27%, with Alecta Tjanstepension Omsesidigt holding over 9.8 million Nvidia shares valued at approximately $1.97 billion as of its most recent SEC filing.

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