Anthropic is discussing what could become the largest initial public offering on record. According to Reuters, the AI company is seeking to raise as much as $100 billion at a valuation of around $2 trillion. The people familiar with the discussions cautioned that the plans are not final and could still change.

Nvidia is considering joining that offering with an investment of up to $10 billion. It could participate as an anchor investor, committing capital before the broader IPO is marketed to other investors.

The chip supplier may finance one of its biggest chip buyers

That relationship is what makes the deal unusually interesting. Anthropic remains a major consumer of Nvidia GPUs, even as it tries to spread its compute requirements across Amazon's Trainium chips and Google's TPU infrastructure.

Nvidia has already put money behind the relationship. In November 2025, it said it could invest up to $10 billion in Anthropic as part of a broader agreement that also included Anthropic committing to buy $30 billion of Microsoft Azure compute powered by Nvidia hardware.

The circular-looking economics of the AI boom are becoming harder to miss. Infrastructure suppliers invest in rapidly growing AI customers, and those customers then spend enormous amounts of capital on infrastructure. Nvidia argues that these investments follow demand it can see across the ecosystem. Either way, the sums are getting very large very quickly.

From $965 billion to potentially $2 trillion

Anthropic raised $65 billion in May 2026 at a post-money valuation of $965 billion. A $2 trillion IPO valuation would therefore represent another dramatic increase within only a few months.

Revenue growth is part of the explanation. Reuters reports that Anthropic's annualized revenue run rate exceeded $65 billion by the end of July, up from roughly $9 billion at the end of 2025.

That run-rate figure needs some caution. It annualizes a recent level of activity; it is not the same thing as audited full-year revenue. A public filing would expose far more useful numbers, including recognized revenue, operating costs, losses and cash consumption.

Compute is swallowing extraordinary amounts of capital

Anthropic's financing needs are closely tied to infrastructure. The company has committed more than $100 billion over a decade to Amazon Web Services and plans to use more than one million Trainium2 chips. It has also reached agreements with Google and Broadcom to add multiple gigawatts of TPU capacity.

The company is even building an internal chip-design team aimed at reducing its dependence on outside suppliers and gaining more control over the cost of running Claude.

So a potential $100 billion IPO would not merely create a gigantic cash reserve. Frontier AI companies are attempting to finance compute deployments on an industrial scale, with data centers, power and accelerators becoming part of the competitive moat.

Public markets will get to inspect the assumptions

Reuters previously reported that Anthropic has projected roughly $190 billion to $200 billion in revenue for 2028. Those numbers help explain how investors could arrive at a $2 trillion valuation, but projections are still projections.

The listing is currently expected before the US midterm elections in November. If the timing and size survive the ongoing discussions, Anthropic could deliver the largest IPO ever.

The more consequential change comes afterward. Public investors will expect Anthropic to show, quarter after quarter, that Claude's growth can keep pace with an infrastructure bill that is expanding almost as aggressively as the company itself.