Anthropic’s $2 trillion IPO is taking shape as Nvidia considers a $10 billion investment
The Claude maker has selected Nasdaq for a potential listing and could seek to raise as much as $100 billion, while its annualized revenue has surged above $65 billion and adjusted operating income is expected to remain positive for a second consecutive quarter.
Anthropic is moving closer to a public offering that could rank among the largest IPOs ever, as the maker of Claude seeks to turn extraordinary growth in AI demand into an equally extraordinary public-market valuation.
The company has selected Nasdaq for a potential listing, according to Business Insider, and is in talks with Nvidia about becoming an anchor investor in the offering, according to people familiar with the discussions cited by Reuters. Nvidia could invest as much as $10 billion, while Anthropic is considering raising as much as $100 billion at a valuation of around $2 trillion.
Those numbers remain preliminary and could change. But even the possibility of an IPO on that scale points to a significant shift in how investors are being asked to value frontier AI companies. Anthropic has moved from a heavily funded private startup to a company with reported annualized revenue of more than $65 billion, while simultaneously committing to spend enormous sums on the computing infrastructure required to keep that growth going.
The company has also told shareholders that its adjusted operating income is expected to remain positive for a second consecutive quarter, according to the Financial Times. Its gross margins are above 80% before accounting for revenue shared with distribution partners such as Amazon and the cost of training its models, the newspaper reported.
That combination of rapidly rising revenue, positive adjusted operating income and very high gross margins could provide an important foundation for the valuation Anthropic is seeking. At the same time, the company’s spending commitments illustrate just how capital intensive the AI business has become.
Anthropic’s annualized revenue run rate surpassed $65 billion by the end of July, according to the company, up from approximately $9 billion at the end of 2025. In May, it raised $65 billion at a post-money valuation of $965 billion. The potential IPO valuation of around $2 trillion would therefore represent another dramatic increase in the company’s value in a matter of months.
The company’s projections for future growth are central to that calculation. Reuters has previously reported that Anthropic is projecting revenue of roughly $190 billion to $200 billion in 2028.
Nvidia’s possible participation would add another layer to the IPO. The chipmaker is already one of the most important companies in Anthropic’s infrastructure ecosystem, and an investment of up to $10 billion would make it an unusually significant financial backer of the public offering.
It would also deepen a relationship that increasingly illustrates the intertwined economics of the AI industry. Model developers need enormous quantities of computing power, while Nvidia benefits from the demand generated by those companies.
Anthropic relies heavily on Nvidia GPUs but is also trying to diversify its sources of computing capacity as demand for Claude has strained its available resources. The company is building relationships with several of the largest technology companies in the industry rather than relying on a single supplier.
In November 2025, Nvidia said it would invest up to $10 billion in Anthropic as part of a broader partnership under which Anthropic committed to purchase $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
Anthropic also counts Amazon and Google among its backers and major computing suppliers. In April, it said it would commit more than $100 billion over a decade to Amazon Web Services while using more than 1 million of Amazon’s Trainium2 chips. It has also agreed with Google and Broadcom to add multiple gigawatts of TPU capacity.
