Anthropic’s Rumored IPO Could Rank Among the Largest Ever, With Nvidia, Amazon, and Alphabet in the Frame

Anthropic, the frontier AI model developer, is reportedly preparing a public listing that could eclipse SpaceX’s June debut — currently the largest IPO on record — with a valuation that could reach $2 trillion.

According to the report, NVIDIA is in negotiations to serve as the offering’s lead investor, taking a $10 billion stake at a $2.3 trillion valuation. If finalized, that position would represent less than 0.5% of the company, underscoring how much capital has already flowed into the private AI lab ahead of any listing.

PitchBook data cited in the release indicates that roughly 300 institutional investors have already committed more than $130 billion to Anthropic. Two of the most prominent backers are cloud and platform giants Amazon and Alphabet, both of which have established commercial and cloud relationships with the model developer. The release argues their earlier investments position them to be among the largest beneficiaries if the IPO values the company in the trillion-dollar range.

NVIDIA’s potential late-stage entry comes as the chipmaker continues to deepen its involvement across the AI ecosystem. The company, currently valued at roughly $5.56 trillion, has been expanding beyond silicon into data-center-scale AI infrastructure partnerships. A lead-investor role in a marquee listing of this size would mark a notable escalation of that strategy, even at a comparatively small ownership percentage.

For Alphabet, which is valued at about $4.14 trillion, an Anthropic listing at a $2 trillion-plus valuation would crystallize significant paper gains on its venture position and provide a public market benchmark for its AI investment portfolio. Shares of Alphabet closed at $338.46 on the session, down 1.3% from the prior close of $342.93. NVIDIA shares finished at $223.67, down 0.73% from $225.31.

It is worth noting that neither the IPO’s timing nor its structure has been formally confirmed. Reports of mega-cap AI listings have circulated for months, and final valuations, allocations, and anchor investors frequently shift between initial reports and the actual roadshow. Anthropic has not commented publicly on the reported figures, and no registration statement has been filed.

What to watch

• Any official filing or confirmation from Anthropic regarding an IPO, including valuation targets and lead underwriters.
• Whether NVIDIA finalizes a lead-investor role at the reported $10 billion stake and $2.3 trillion valuation.
• Disclosure of how existing backers such as Amazon and Alphabet will treat their stakes in the offering.
• Upcoming quarterly earnings from NVIDIA and Alphabet, which may include updates on AI investment commitments.

Source: original release