Anthropic, an artificial intelligence firm, is preparing for an IPO that could break global records, with NVIDIA considering investing as a cornerstone investor. Sources familiar with the matter reveal that Anthropic aims to raise up to $100 billion through the IPO, potentially reaching a valuation of about $2 trillion post-listing; NVIDIA is contemplating investing up to $10 billion in its stock. However, negotiations are ongoing, and the investment amount, offering size, and deal terms may still change.
If completed at this scale, Anthropic's IPO would surpass the previous global IPO record and serve as a significant test of the capital market's valuation of cutting-edge AI companies and their demand for computing power. Cornerstone investors typically commit to purchasing a substantial stake in a company before the IPO is formally marketed to the public. For mega IPOs, securing cornerstone investors helps signal confidence to the market. Previously, NVIDIA and Amazon participated in Arm's IPO, while Saudi Arabia's Public Investment Fund acted as a cornerstone investor in SpaceX's listing.
Anthropic's IPO to Become World's Largest
The potential collaboration between NVIDIA and Anthropic reflects the increasingly intertwined relationships within the current AI industry chain. Anthropic is heavily reliant on NVIDIA GPUs while also pursuing diversification in its chip sourcing. In November 2025, NVIDIA announced plans to invest up to $10 billion in Anthropic and entered into a broader cooperation agreement; at that time, Anthropic committed to purchasing $30 billion worth of computing power from Microsoft Azure cloud services, with resources powered by NVIDIA chips.
Besides NVIDIA, Amazon and Google are also key investors and computing power providers for Anthropic. In April this year, Anthropic announced plans to invest over $100 billion in Amazon AWS over the next decade and use more than 1 million Trainium 2 chips; simultaneously, the company is collaborating with Google and Broadcom to add multiple gigawatt-level TPU computing capabilities. Anthropic has also established an internal team to research custom AI chips optimized for the Claude model.