Nvidia Eyes 10 Billion USD Anchor Stake in Anthropic IPO That Could Value the AI Lab at 2 Trillion USD

Nvidia is reportedly in talks for a 10 billion USD anchor stake in an Anthropic listing that could raise up to 100 billion USD

Anthropic is in talks with Nvidia about a potential 10 billion USD investment in what may become the biggest initial public offering in history, Reuters reported on Saturday, citing people familiar with the negotiations. The people said that Anthropic is seeking to raise as much as 100 billion USD in the offering, a figure that would value the artificial intelligence company at roughly 2 trillion USD.

The discussions are ongoing and could still change, the sources told Reuters, remaining anonymous because the negotiations are confidential. Reuters said Anthropic declined to comment, and Nvidia had not yet responded to a request for comment at the time of publication.

For Nvidia, the potential investment would accomplish two things at once. It would supply the Anthropic offering with an early strategic backer of unmistakable weight, and it would strengthen the ties between the world’s most valuable chipmaker and one of its most important customers. The graphics processors that power frontier AI training remain among the scarcest resources in technology, and the companies that control both the silicon and the capital increasingly sit at the center of the industry’s financing structure.

A 2 trillion USD valuation would rewrite the record books

If Anthropic reaches the valuation being discussed, the listing would rank among the largest corporate debuts ever attempted, in any sector. The 100 billion USD raise itself would be unprecedented, dwarfing the mega-offerings of previous market cycles and testing the depth of institutional demand for exposure to frontier AI at a time when public-market appetite for the theme has already produced enormous flows into anything adjacent to machine intelligence.

The crypto market has a direct stake in that narrative. Over the past two years, the boundary between crypto infrastructure and AI infrastructure has steadily dissolved. Bitcoin miners with access to cheap power and grid interconnects have pivoted capacity toward high-performance computing, and the buyers on the other side of those deals are frequently the same frontier AI firms now queuing up for public capital.

The Anthropic connection is not hypothetical. Cointelegraph reported in August that Bitcoin miner Riot Platforms secured a 20-year agreement to supply 191 megawatts of capacity from its Rockdale, Texas, campus to a leading frontier AI customer. That customer was Anthropic, according to Bloomberg, and the deal was valued at approximately 9 billion USD. An IPO of the scale now under discussion would give the lab a fresh war chest for exactly this kind of long-dated infrastructure commitment, with knock-on effects for energy and hosting partners across the Bitcoin mining sector.

Nvidia keeps widening its moat

The reported Anthropic stake would extend a pattern of aggressive strategic deployment by Nvidia. Earlier this month, the chipmaker agreed to acquire Hugging Face for 12.9 billion USD, extending its reach into the software and developer tools used to build AI applications. Hugging Face serves more than 18 million developers and hosts over three million models, and Nvidia chief executive Jensen Huang framed the acquisition as giving the company control of a major platform for AI models as technology firms increasingly compete across chips, software, and developer tooling simultaneously.

Seen together, the moves sketch a coherent strategy: own the compute layer, own the distribution layer, and hold equity in the customers who consume both. An anchor position in the Anthropic offering would sit squarely within that playbook, converting a customer relationship into a balance-sheet asset ahead of what could be the largest liquidity event in the AI sector’s short history.

For crypto investors, the through-line matters more than the deal mechanics. Capital allocation at this scale flows through the same physical substrate that public Bitcoin miners have spent eighteen months retrofitting for: substations, transformers, land, and long-term power contracts. Every incremental billion committed to frontier AI strengthens the demand side of the market that miners like Riot, and peers pursuing similar conversions, are selling into.

What to watch

Nothing is finalized. The people familiar with the matter emphasized that the talks could change or collapse, and both companies have stayed silent on the record. The size of the raise, the final valuation, and the timing of any filing all remain open questions. A listing of this magnitude would also require market conditions cooperative enough to absorb it, a non-trivial assumption given that rate expectations have been swinging hard on inflation prints and Federal Reserve positioning in recent weeks.

Still, the direction is clear. The largest pools of capital in technology are consolidating around a small number of frontier labs, and the infrastructure those labs run on increasingly overlaps with the energy-dense footprint that Bitcoin mining built. Whether the Anthropic IPO lands at 2 trillion USD or something less, the convergence trade between AI compute demand and crypto-adjacent energy infrastructure is no longer a niche thesis. It is now the operational reality of both industries.

BTC traded near 77,300 USD at the time of writing, little changed on the session, while markets continue to digest last week’s inflation data ahead of the Federal Reserve’s September decision.