Nvidia is negotiating a massive $10 billion anchor investment in Anthropic’s upcoming initial public offering, according to Reuters. This move positions the chipmaker as a foundational backer for the company behind Claude, which is targeting a staggering $2 trillion valuation. If successful, the raise of up to $100 billion would shatter records, becoming the largest IPO in history. The deal is expected to close before the US midterms in November, marking a pivotal moment for AI infrastructure financing.
The financial ties between these two giants are already deep. Anthropic’s revenue exploded from roughly $9 billion at the end of 2025 to over $65 billion by July 2026. Much of this growth is fueled by its reliance on Nvidia hardware. In 2025, Anthropic committed to purchasing $30 billion in Azure compute services, which are packed with Nvidia chips. This circular economy ensures that capital raised by AI labs often flows directly back to silicon suppliers, reinforcing Nvidia’s dominance.
Jensen Huang’s company has effectively become the central bank of the AI sector. Beyond direct equity stakes in customers like Anthropic and OpenAI, Nvidia backs approximately $300 billion in guarantees that help data centers secure necessary financing. This strategy creates a self-reinforcing loop: the more money AI startups raise, the more they spend on Nvidia GPUs. It is a calculated play to lock in demand for years to come, regardless of short-term market fluctuations.
Such a concentrated financial ecosystem raises questions about long-term stability. When one vendor supplies the chips, the cloud infrastructure, and the investment capital, the entire industry’s health becomes tied to a single balance sheet. While this model accelerates development now, it concentrates risk in a way that traditional tech booms never did. Investors watching the November deadline will be looking not just at Anthropic’s potential, but at how tightly the AI supply chain has knotted itself together.
