Rich Duprey
5 min read
Quick Read
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NVIDIA is negotiating a $10 billion anchor stake in Anthropic’s IPO, which targets a record $2.3 trillion valuation before the 2026 midterms.
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Anthropic’s revenue run rate surged from $9 billion in late 2025 to $65 billion by July 2026, with 2028 projections reaching $190 billion.
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Jensen Huang guided Q3 FY2027 revenue to $108 billion, and 57 analysts rate NVDA a Buy with an average price target of $328.
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Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now, and NVIDIA made the cut. Enter your email to see the other nine names and why NVDA earned its spot. The report is free. Enter your email and see the full list.
Reuters reports that NVIDIA (NASDAQ:NVDA) is in talks to commit up to $10 billion as an anchor investor in Anthropic’s initial public offering, a deal that could price the AI lab at as much as $2.3 trillion and rank as the largest listing in market history. For a chipmaker whose data center engine already runs on Anthropic demand, the check is less a bet than a lock.
A $10 Billion Anchor Check
The figure is up to $10 billion, still in talks, and not yet finalized, tied to an Anthropic IPO that Reuters says is targeted to price before the U.S. midterm elections in November 2026. Anthropic is reportedly seeking to raise as much as $100 billion, with a valuation that could be as high as $2.3 trillion.
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What Anthropic Access Buys NVIDIA
NVIDIA has the balance sheet to write this check without straining. CFO Colette Kress told analysts on the Q2 FY2027 call that NVIDIA has already “invested nearly 50 billion in the Frontier AI Labs” and framed that outlay as “a small fraction of our expected free cash flow over the same period.” Free cash flow in the quarter alone was $21.34 billion, up 58.43%, and the company returned roughly $26.0 billion to shareholders via buybacks and dividends with about $99.0 billion remaining under its repurchase authorization.
Anthropic’s fundamentals back the check. Its annualized revenue run rate climbed above $65 billion by the end of July 2026, up from about $9 billion at the end of 2025, with projections calling for roughly $190 billion to $200 billion in revenue in 2028. NVIDIA has already disclosed that Anthropic is initially adopting 1 gigawatt of compute capacity on Grace Blackwell and Vera Rubin systems. Anchoring the IPO deepens that commercial rope.
