The race of artificial intelligence may be about to move to Wall Street on an unknown scale. Anthropic is preparing an initial public offering with which it aims to raise up to 100 billion dollars, according to two sources familiar with the conversations cited by Reuters.
The operation could value the company at around two trillion dollars. And Anthropic is negotiating for Nvidia to come in as one of the major reference investors in the operation.
Nvidia could put in up to 10 billion
The chip manufacturer is considering an investment of up to 10 billion dollars. Reuters emphasizes that both the size of the IPO and Nvidia's investment are still being negotiated and could change before the launch.
Nvidia's presence would have an effect that goes far beyond those 10 billion. The so-called anchor investors enter an offering before the bulk of the market and can help convince other large funds that there is sufficient demand.
A valuation of two trillion
The figure illustrates the speed at which the value attributed to large AI labs is growing. Reuters places the most recent valuation of Anthropic at 965 billion dollars in May of this year.
The possible IPO would practically double that reference in just a few months. Anthropic has grown around Claude, its family of artificial intelligence models and one of the major rivals of ChatGPT.
The company has among its main investors Amazon and Google.
An AI company and one of its major suppliers
The possible entry of Nvidia contains a particularity. Anthropic is one of the major clients of the chips manufactured by Nvidia.
This means that one of the main infrastructure suppliers for AI could also become a shareholder of one of the labs that consumes the most computing power.
The AI industry is generating an increasingly close network of cross-investments between chip manufacturers, cloud providers, and model developers.
The enormous cost of training the next generation
The size of the operation has another explanation: building cutting-edge models requires more and more money. Anthropic has commitments for computing and infrastructure in the tens of billions and maintains agreements with different suppliers to avoid depending on a single architecture.
Reuters notes that the company projects revenues of between 190,000 and 200,000 million dollars in 2028, according to known internal forecasts.
These figures are business forecasts, not revenues already obtained.
The largest IPO in history
If Anthropic really manages to raise 100,000 million, the operation would far exceed the largest IPOs recorded so far. The company would also enter the stock market with a valuation comparable to that of the largest technology companies in the world.
This size makes the operation a test for something more than Anthropic.
Wall Street will have to decide how much it is willing to pay for companies that grow at an enormous speed but need equally gigantic investments to stay at the technological frontier.
The test of the AI fever
During the last few years, a good part of the artificial intelligence boom has been financed in private markets. An IPO of this magnitude would directly transfer that valuation to the public market.
The result would provide a fairly clear answer about how much investor appetite remains after years of rising companies related to chips, data centers, and AI models.
For now, there are only conversations. But the figures place the potential IPO of Anthropic among the largest financial events of 2026.