While OpenAI just hit pause on its own IPO over AI-safety concerns, its biggest rival is moving in the opposite direction. Reuters reports that Anthropic is in talks with Nvidia over an investment of up to $10 billion, with the chipmaker potentially becoming an anchor investor in what could be the largest stock offering ever.
The numbers being discussed are staggering. Anthropic wants to raise as much as $100 billion at a valuation near $2 trillion — some reports put the figure as high as $2.3 trillion. The company is aiming to price the deal before November's midterm elections.
For Nvidia, the move would formalize a relationship that already runs deep. The chipmaker supplies Anthropic with roughly a gigawatt of compute through its Grace Blackwell and upcoming Vera Rubin systems, and has poured nearly $50 billion into frontier AI labs overall. Taking equity in a customer that spends billions on your own chips is one way to lock in the partnership on paper, not just in contracts.
Anthropic's growth explains why such a valuation is even on the table. Annualized revenue jumped from $9 billion at the end of 2025 to $65 billion by July 2026, and the company projects $190-200 billion by 2028.
Neither side has confirmed the talks publicly, and Reuters' sources describe the terms as fluid — the final check size and valuation could still shift before any listing. But the fact that these numbers are already being floated shows how differently Anthropic and OpenAI are approaching their public debuts right now.
