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.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
nvda basically prints the money off chip scarcity then recycles it into anchor stakes in its own customers. genius racket honestly
they call this vertical integration, i call it a bubble with extra steps
the other read is defensive. losing the anthropic account to amd chips hurts nvda more than a silly 2T multiple ever will
plus the anchor stake basically prices amd out of the account before they can even bid. locking the cuda moat with someone else’s ipo money is cold blooded
locking the account with someone else ipo money is right. amd now bids against a counterparty that prints the chips, that fight ended before it started
this. the anchor stake is insurance on the account, the multiple is just the entry fee
defensive is underselling it. every anthropic cluster running on amd chips is an ecosystem that slowly stops needing cuda. that loss compounds for a decade
A 2 trillion USD valuation on a company that declines to comment on its own financials. The size of the raise is doing all the persuading here, not the numbers.
10B for an anchor slot in a 2T valuation. nvidia basically paying to lock in its biggest customer, wild
Its cheaper than losing that demand to AMD. Every Anthropic cluster is thousands of GPUs running for years.
calling it a stake is generous. that 10B is prepaid demand, it cycles straight back into gpu orders for anthropic clusters
prepaid demand is exactly it. the 10B leaves nvidias pocket and comes back as gpu invoices for anthropic clusters within a quarter
2 trillion valuation on how much revenue? the multiple on this IPO is going to be something else
revenue reportedly near 7B annualized. insane multiple either way lol
reportedly near 7B annualized, someone below already posted it. still roughly a 285x multiple lol
285x on 7B annualized, and people called the dotcom comps reckless lol. anchor money really does buy patience
285x sales and the anchor book still fills instantly. multiples stopped meaning anything once the buyers are also the suppliers
revenue near 7B annualized per the reuters sourcing, so roughly 285x sales. dotcom veterans just felt a chill somewhere
10 billion anchor plus a potential 100 billion raise, biggest IPO ever, and the whole thing rests on talks that could still change per reuters. wild that this is now just a normal saturday headline
anchor stakes in your own customers worked great until everyone realized the demand is you buying. 10B into a 2T paper valuation is gpu vendor financing with a wall street bow on it
vendor financing is the exact phrase, same playbook dell ran with the dotcom racks. nvda just found a way to ipo-ify it
dell at least got paid in cash for those racks. nvda gets paid in narrative plus guaranteed cluster orders, the invoice and the hype are one instrument now
cash racks vs narrative anchor is exactly it. nvda drops 10b of its own money to lock in cluster orders and files it as an investment. the circularity is the product
2 trillion valuation talk in september and both companies declined to comment. one capex guidance miss and this ipo window slams shut mid-sentence
a 100 billion raise is bigger than most crypto market caps combined. if this prices, the term sheet basically underwrites two years of gpu demand by itself