The artificial intelligence startup Anthropic is laying out plans for a historic initial public offering that could value the company at approximately $2 trillion. The company behind the popular Claude AI assistant is looking to raise up to $100 billion in the share sale, according to reports from Reuters.
If completed at the upper limits of those targets, the Anthropic IPO would comfortably become the largest IPO in history. To help secure the massive offering, the semiconductor giant Nvidia is reportedly in advanced talks to invest up to $10 billion as an anchor investor.
The ambitious public debut is being heavily discussed across global financial markets, representing a defining moment for public-market appetite in the generative AI sector. While the company initially aimed to finalize the listing just days before the US midterm elections in November, recent reports suggest the timeline remains fluid as the startup considers launching a new AI model to solidify its financial positioning before going public.
A Historic Listing on Wall Street
The scale of the proposed Anthropic IPO has caught the attention of institutional investors worldwide. A $100 billion capital raise would surpass previous global records, putting the company's public entry on par with major historical listings and recent megadebuts like SpaceX.
Sources close to the matter indicate that the high Anthropic valuation is being driven by explosive commercial adoption of its enterprise AI tools. The company, which was founded in 2021 by former OpenAI executives, has seen its financial metrics surge dramatically. Financial documentation shared with potential investors shows that Anthropic's annualized revenue run rate reached $65 billion by the end of July, a steep increase from just $9 billion at the close of 2025.
Leading Wall Street institutions, including Goldman Sachs, JPMorgan, and Morgan Stanley, are reportedly steering the underwriting process for the Nasdaq-bound listing. The target valuation represents a massive step up from private funding rounds; Anthropic closed a $65 billion Series H round in May that valued the entity at $965 billion. The proposed public market pricing represents an approximate 107% premium over that private valuation.
Nvidia Eyed as a Major Anchor Investor
Securing Nvidia as an anchor investor would serve as a significant vote of confidence for the broader market. Under the reported framework, Nvidia's potential $10 billion commitment would allow the chipmaker to buy into the offering before it is broadly marketed to the public, signaling robust institutional demand.
The strategic relationship between the two entities is already deeply intertwined. Developing frontier large language models requires an immense amount of computational infrastructure, and Anthropic relies heavily on Nvidia’s specialized graphics processing units (GPUs) to train and run its Claude systems.
The proposed transaction highlights a growing trend of circular economics within the AI ecosystem. Analysts point out that while Nvidia stands to earn a return as an equity holder, it simultaneously serves as a primary infrastructure provider. Anthropic has already committed to multi-billion-dollar computing arrangements across major cloud providers like Microsoft Azure and Amazon Web Services (AWS), much of which directly utilizes Nvidia hardware.
Shifting Timelines and AI Competition
The exact timing of the public float remains subject to commercial and regulatory adjustments. Initial documentation submitted confidentially to the US Securities and Exchange Commission (SEC) in June pointed toward an October roadshow, with a listing targeted before the US midterm elections in November.
However, current discussions indicate the launch could shift to later in November or post-election. Part of the internal hesitation stems from a shifting competitive landscape. Rival OpenAI recently introduced its next-generation "Astra" model, which has quickly captured a notable slice of enterprise AI spending. In response, Anthropic is evaluating whether to roll out its own new AI model ahead of the IPO to showcase technology leadership and support its $2 trillion valuation target.
The divergence in public strategies between major AI labs is becoming distinct. While Anthropic is aggressively moving toward public markets, OpenAI Chief Executive Sam Altman recently stated that his firm would not pursue an IPO in 2026, citing ongoing concerns surrounding AI safety and governance.
Market Outlook and What Happens Next
As Anthropic prepares its final S-1 prospectus for public viewing, institutional investors are weighing the risks associated with such an expensive entry price. At a $2 trillion valuation, the stock would trade at a high multiple of its current revenue run rate. To satisfy public investors over the long term, the company must demonstrate that its astonishing top-line growth can eventually translate into sustainable cash flows.
The company also faces macroeconomic and regulatory hurdles, including recent export controls on advanced AI models and ongoing capital expenditures needed to build out data center capacity.
Over the coming weeks, Anthropic is expected to finalize its necessary credit facilities and begin formal meetings with institutional buyers. Whether the company lists before or after the upcoming November elections, the offering will serve as a critical gauge of Wall Street's long-term confidence in the business viability of artificial intelligence.
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