#传Anthropic选择纳斯达克IPO Nvidia Plans to Invest $10 Billion: Anthropic Races Toward the Largest IPO in History
Nvidia has pushed another huge sum to the center of the AI table. Reuters reported that the company is considering investing up to $10 billion in Anthropic's planned IPO, though the plan is still under discussion and the amount could change.

The money has attracted attention because of the enormous scale of Anthropic's IPO. People familiar with the matter say it could raise as much as $100 billion, targeting a valuation of around $2 trillion.

If it ultimately reaches that scale, it could surpass Saudi Aramco's 2019 fundraising record and become the largest initial public offering in history.

❶First, why is Nvidia willing to put up the money? Training Claude requires Anthropic to use massive amounts of GPUs, data centers, and electricity, and Nvidia happens to sit at the top of that spending chain.

If Nvidia enters the IPO as a cornerstone investor, in simple terms, it would subscribe to a large block of shares before the listing, which the market would interpret as the leading chipmaker endorsing the company with real money.

❷Anthropic itself is also expanding rapidly. In May this year, the company completed a $6.5 billion funding round, reaching a post-money valuation of $965 billion. Just a few months later, its listing target was pushed even higher.

In June, the company secretly submitted a draft S-1 to the U.S. Securities and Exchange Commission. The document is essentially an IPO application, but the company is still in the regulatory review and listing-preparation stage.

Reuters also reported that Anthropic's annualized revenue had exceeded $6.5 billion by July, and that it hopes to reach $200 billion by 2028. This growth rate gives investors room to imagine a high valuation.

The challenges are also very real: the stronger AI models become, the greater the investment required in training, inference, servers, networking, and electricity. If revenue growth slows, the high valuation will quickly face scrutiny from public markets.

❸The bigger appeal of this IPO is that it would move the valuations AI companies have built up in private markets directly into public markets, where they would face daily pricing and continuous testing.

After the listing, investors will scrutinize revenue, losses, cash burn, and computing costs item by item. Any figure below expectations could quickly feed through to the stock price.

If Anthropic successfully lists at a valuation close to $2 trillion, the market expectations for leading AI companies such as OpenAI and xAI could also be lifted, with capital continuing to concentrate in a small number of giants.

❹Ordinary investors are most easily drawn to the $10 billion and $2 trillion figures, but the two most important words for now remain “planned” and “possible.” The transaction structure, listing timeline, and offering size have not been finalized.

The next thing to watch is the formal offering document, because only then will outsiders be able to see the revenue, costs, losses, customer concentration, and use of proceeds clearly.

How much Nvidia ultimately agrees to invest will also become a direct signal. How much money a supplier is willing to put at risk itself carries more weight than verbal support.

If this IPO goes ahead, market discussion will quickly shift from whose model is smarter to who can turn massive computing investment into stable revenue. That is the bill public markets will ultimately calculate.$NVDA $ANTHROPIC