Nvidia’s quiet backing of Anthropic’s mega IPO could be the hidden AI trigger that sends Nvidia (and AI stocks) higher—here’s what retail investors need to know before the move.
Anthropic is in talks to bring Nvidia as an anchor investor into what could be the largest IPO in history, two people familiar with the matter told Reuters.
Anthropic is in talks to raise as much as $100 billion in an IPO that could value the startup at roughly $2 trillion, according to two people familiar with the matter. Nvidia is considering acting as an anchor investor with a potential commitment of up to $10 billion. The discussions, reported by Reuters, would make Nvidia one of the largest backers in the offering. If completed, the stake would represent about half a percent of the post‑IPO company.
If Nvidia secures a large anchor position, its GPU supply chain could expand to meet Anthropic's compute needs, which may lower the cost of AI‑powered cloud services you use today. A reduction in compute pricing often translates to cheaper subscriptions for AI‑driven applications such as language models or image generators. This direct effect on service fees is the most immediate way the deal could affect your spending. No other sector impact is as certain.
Nvidia has steadily increased its bets on AI startups, having placed roughly $2 billion into Mistral AI in 2024 and participated in OpenAI’s $1 billion funding round in 2023. Anthropic itself was founded by former OpenAI researchers Dario and Daniela Amodei, reflecting a pattern of talent spinning out to chase massive scale. Historically, semiconductor firms have taken anchor roles in tech IPOs to lock in future demand for their chips, a tactic seen with AMD’s early backing of Zoom and Intel’s support of Palantir. This move would continue that strategy while signaling confidence in the durability of large‑model AI businesses.
Watch for Anthropic’s S‑1 filing with the SEC, which sources expect by the end of September 2025, followed by a roadshow in early October. Nvidia’s board is slated to vote on the anchor investment around mid‑October, according to one of the Reuters sources. If the IPO proceeds, the offering could price in late October, setting a new benchmark for tech listings. Surprisingly, despite the multitrillion‑dollar valuation, Anthropic’s 2024 revenue was under $800 million, implying a valuation multiple far above any comparable tech IPO.
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