Nvidia is in talks to back the much-awaited Anthropic IPO (initial public offering) with as much as $10 billion. The money would help the artificial intelligence company chase the largest stock market debut on record.
Reuters reported the talks on Friday. Anthropic is seeking up to $100 billion at a valuation near $2 trillion, and neither company has confirmed those figures.
What Beating SpaceX Actually Takes
SpaceX set the record in June. It raised $75 billion at roughly $1.8 trillion. The stock then closed 19% higher on day one, one of the biggest IPO returns ever.
Anthropic has to clear both marks. Its $100 billion target beats the raise, and $2 trillion beats the valuation. The record falls if the deal prices as reported.
That pricing is the hard part. An anchor investor agrees to buy a large block of shares before a listing opens. That early order tells other buyers the price is credible.
Nvidia’s $10 billion would cover roughly a tenth of the raise. The chipmaker committed the same amount in November 2025. It also guarantees Nvidia’s $105 billion backstop on AI data center leases.
Traders Already Price Anthropic Above SpaceX
Nineteen exchanges now list pre-IPO perpetual futures on Anthropic. These contracts let traders bet on what a private company is worth before it lists. Kraken, Coinbase and Binance all offer them.
Those contracts implied an average valuation of $1.94 trillion at the start of September, according to CoinGecko. That already sits above the $1.8 trillion SpaceX carried at pricing.
Polymarket lets users bet real money on future events. There, traders give the IPO only 67% odds of completing by October 31.
Those odds reach 85% by November 15 and 90% by year end, across $2.89 million in volume. The market expects the record to fall, just not necessarily before the midterm elections.
Anthropic filed confidentially in June and still has to publish its prospectus.
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