Key Highlights
- Nvidia negotiates anchor investment position of up to $10 billion in Anthropic’s forthcoming IPO, potentially valuing the AI startup near $2 trillion.
- Existing commercial partnership includes Anthropic’s $30 billion Microsoft Azure commitment utilizing Nvidia’s chip infrastructure.
- Anthropic’s revenue trajectory shows explosive growth from $9 billion annualized at 2025 year-end to exceeding $65 billion by July 2026.
- Strategic chip diversification by Anthropic through partnerships with Amazon, Google, and Broadcom poses potential challenges to Nvidia’s dominant position.
- Wall Street maintains bullish stance with Piper Sandler’s $300 price target and consensus “Buy” rating averaging $324.34.
Nvidia has entered negotiations for a potential $10 billion investment in Anthropic’s anticipated initial public offering, which targets raising $100 billion at approximately $2 trillion valuation. Shares of Nvidia opened Monday’s session at $218.29.
Sources familiar with the matter indicate discussions remain at early stages and specific terms may evolve, as reported by Reuters. Should negotiations conclude successfully, Nvidia would secure a strategic anchor investor role in what promises to be among the most significant AI sector public debuts.
These negotiations build upon existing financial connections between the two entities. Last November, Nvidia announced plans for a $10 billion investment in Anthropic alongside a comprehensive partnership agreement. Under those arrangements, Anthropic pledged to acquire $30 billion worth of computing resources on Microsoft Azure infrastructure running Nvidia’s specialized processors.
This dual relationship positions Nvidia strategically. The chipmaker stands to gain from Anthropic’s expansion trajectory through both equity appreciation and sustained hardware procurement.
NVIDIA $NVDA IN TALKS TO INVEST UP TO $10B IN ANTHROPIC IPO
Nvidia is expected to anchor Anthropic’s planned IPO and is considering investing up to $10B in the offering, Reuters reports.
Anthropic is seeking to raise as much as $100B at a valuation of around $2T, which could… pic.twitter.com/UGqm1jHtnM
— Wall St Engine (@wallstengine) September 11, 2026
Anthropic’s financial performance justifies the ambitious valuation targets. Company revenue on an annualized basis surged from approximately $9 billion at 2025’s conclusion to surpassing $65 billion by late July 2026. Forward-looking estimates suggest potential revenue between $190 billion and $200 billion by 2028.
Strategic Moves to Broaden Chip Supply Chain
Notwithstanding their close collaboration, Anthropic actively pursues supplier diversification strategies beyond Nvidia. This April witnessed the AI company commit over $100 billion across ten years to Amazon Web Services, including deployment plans for more than one million Trainium2 processors.
Additional agreements with Google and Broadcom expand Anthropic’s infrastructure through multiple gigawatts of TPU computing capability. Further diversification includes a reported $45 billion cloud services arrangement with Nscale and a six-year, $10 billion commitment to Volta for Norwegian data center operations.
This supplier diversification strategy carries significant implications for Nvidia shareholders. The optimistic investment thesis depends not merely on expanding AI infrastructure spending, but on Nvidia maintaining substantial market share. As Anthropic distributes spending across multiple hardware providers, Nvidia’s revenue capture becomes increasingly uncertain.
Wall Street Perspective on NVDA
Recent analyst coverage includes Piper Sandler’s newly initiated “overweight” rating accompanied by a $300 price objective. Benchmark maintains its “buy” recommendation with a $335 target, while KeyCorp reiterated “overweight” status targeting $330.
Nvidia’s latest quarterly results demonstrated revenue of $96.22 billion, representing 105.9% year-over-year expansion and surpassing analyst estimates of $92.27 billion. Earnings per share reached $2.22, exceeding the $2.09 consensus forecast.
The corporation maintains an authorized $80 billion share repurchase program. A $0.25 quarterly dividend per share is scheduled for October 1 distribution.
Recent insider transactions include Director Mark Stevens divesting over 622,000 shares on September 4 at an average of $231.62 per share. Executive Vice President Timothy Teter separately sold 30,000 shares at $217.88 on August 31.
Institutional investors control 65.27% of outstanding shares, with Alecta Tjanstepension Omsesidigt maintaining a position exceeding 9.8 million shares valued at roughly $1.97 billion according to latest SEC disclosures.
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