Who's involved
- Anthropic
- The company that makes the Claude AI models
- It wants to sell shares to the public and is in talks to raise as much as $100 billion, two people familiar with the matter told the news agency Reuters. It declined to comment.
- Nvidia
- The company that makes the chips a lot of AI runs on
- Anthropic's models run on its chips. One of those two people said it is considering putting up to $10 billion into the offering as an early buyer. It did not immediately respond to a request for comment.
- Microsoft
- The company that sells the Azure cloud computing service
- Anthropic committed to buy $30 billion of computing on its Azure service in the same November 2025 partnership, and Microsoft committed to invest up to $5 billion in Anthropic.
- Reuters
- A news agency that reports business and financial news
- Its September 11 report is where this story comes from. It attributes the raise and the valuation to two people, and the $10 billion figure to one of them.
- Securities and Exchange Commission
- The United States agency that checks companies before they sell stock to the public
- Anthropic's draft filing sits with it. Anthropic says going public depends on the agency finishing its review.
- Arm
- A chip designer that has already sold shares to the public
- Reuters uses its offering as one example of a big listing that lined up early buyers first, Nvidia among them.
What changed
Anthropic, the company that makes the Claude chatbot, wants to sell shares to the public. Two people familiar with the talks told Reuters it is seeking to raise as much as $100 billion, at a price that would value the company around $2 trillion. Reuters said that could be the largest stock market debut in history.
The new part is who might buy first. Nvidia, the company whose chips Anthropic's models run on, is considering putting up to $10 billion into the offering, one of those people said. Reuters said Nvidia's possible role had not been reported before. Anthropic declined to comment. Nvidia did not immediately respond to a request for comment.
That kind of buyer has a name. An anchor investor is usually a large institution that agrees to buy a set share of an offering before it is marketed widely. The commitment is meant to be an early vote of confidence in the shares. Nvidia has done this before. Reuters notes it was among the anchor investors when chip designer Arm went public.
What's at Stake
What Nvidia is considering putting into Anthropic's offering, one person told Reuters. It is the same figure Nvidia pledged to Anthropic in November 2025.
Market intelligence
The read: Over five years, Nvidia is up 882.8%, Microsoft is up 64.5% and Thomson Reuters is down 16.0%. Over one year, Nvidia is up 21.8%, Microsoft is down 4.7%, Arm Holdings is up 73.4% and Thomson Reuters is down 37.0%. Over the past month, Nvidia is down, Microsoft is up, Arm Holdings is down and Thomson Reuters is up. Nvidia is up 1.4% today, ahead of the Nasdaq's +0.6%. Microsoft is down 0.7% today, behind the Nasdaq's +0.6%. Arm Holdings is up 2.5% today, ahead of the Nasdaq's +0.6%. Thomson Reuters is down 0.3% today, behind the Nasdaq's +0.6%.
Anthropic and Securities and Exchange Commission don't trade on a stock market.
Prices move for many reasons. This shows where they stand, not what caused it.
Prices: Yahoo Finance.
By the Numbers
How We Got Here
- Nvidia pledges up to $10 billion
Anthropic announces partnerships with NVIDIA and Microsoft. The two commit to invest up to $10 billion and up to $5 billion. Anthropic commits to buy $30 billion of Azure computing capacity.
- A $965 billion valuation
Anthropic says it raised $65 billion in Series H funding at a $965 billion post-money valuation, and that its run-rate revenue crossed $47 billion.
- A filing the public cannot read
Anthropic says it confidentially submitted a draft Form S-1 to the Securities and Exchange Commission. The number of shares and the price have not been set.
- Reuters reports the anchor talks
Two people tell Reuters that Anthropic is seeking as much as $100 billion at a value near $2 trillion. One of them says Nvidia is considering up to $10 billion as an anchor investor.
Why it matters
The phrase vote of confidence does a lot of work here. A vote counts for more when the voter has nothing else riding on the result. Here the possible early buyer already sells to the company. Anthropic relies heavily on Nvidia's chips, Reuters reports. It is also working to spread its orders across other suppliers, because demand for Claude has strained the computing it can get.
This would not be the first money moving between them. In November 2025, Nvidia said it would invest up to $10 billion in Anthropic. On the same day, Anthropic committed to buy $30 billion of computing on Microsoft's Azure cloud, running on Nvidia chips. So the same $10 billion figure has now appeared twice: once as money going in, and once as a possible order for stock.
That is the shape worth naming. When a supplier invests in its own customer, some of the money it puts in can come back to it as orders. Nothing here says that is wrong, and Reuters does not say the chip relationship shapes the offering's terms. It does mean the early vote of confidence would not be coming from a stranger.
What to watch
The paperwork is the thing to wait for. Anthropic said on June 1 that it had confidentially submitted a draft registration on Form S-1 to the Securities and Exchange Commission. Confidential means the filing exists but the public cannot read it yet. Anthropic said then that the number of shares and the price had not been set, and that going public depends on the agency finishing its review.
Until that filing opens, the size, the price and the buyers all come from people who asked not to be named. Reuters says the plans could still change. When the S-1 does open, it will carry Anthropic's own numbers, filed under rules that carry legal weight. That will be the first version of this company's finances anyone outside it can check.
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