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The race to dominate artificial intelligence is increasingly being fought on financial terrain, and the numbers being discussed are becoming almost difficult to comprehend. Anthropic, the safety-focused AI lab founded by former OpenAI researchers, is reportedly in talks with Nvidia about a $10 billion investment tied to what could become the largest initial public offering in history, according to a Reuters report published Saturday citing people familiar with the confidential negotiations.
The terms under discussion would see Anthropic seek to raise as much as $100 billion in the offering, placing its implied valuation at roughly $2 trillion. To put that in context, that would make Anthropic worth more than all but a handful of the most valuable companies on earth. The discussions remain ongoing and could still change, the sources told Reuters, speaking anonymously given the sensitivity of the talks. Anthropic declined to comment, and Nvidia had not responded to a request for comment at the time of the report.
Why Nvidia Would Want In Early
For Nvidia, anchoring an Anthropic IPO at this scale is not simply a financial bet. It is a strategic move to cement its position at the centre of the AI value chain. Anthropic is already a significant customer for Nvidia’s chips, and taking an early stake in the company’s public offering would deepen that commercial relationship while giving Nvidia a seat at the table as Anthropic scales its infrastructure.
This logic mirrors moves Nvidia has been making across the AI ecosystem. Earlier this month, Nvidia agreed to acquire Hugging Face for $12.9 billion, a deal that would hand the chipmaker control of one of the most widely used platforms for AI model development. Nvidia CEO Jensen Huang noted that Hugging Face serves more than 18 million developers and hosts over three million models. Together, the Anthropic stake and the Hugging Face acquisition point to a deliberate strategy: Nvidia wants to own not just the hardware layer of AI, but the software, tooling, and model infrastructure that sits on top of it.
Anthropic’s Infrastructure Ambitions Are Already Taking Shape
Even before any IPO, Anthropic has been building out the physical backbone it would need to operate at hyperscale. In August, Cointelegraph reported that Bitcoin miner Riot Platforms had secured a 20-year agreement to supply 191 megawatts of power capacity from its Rockdale, Texas campus to a “leading frontier AI” company. Bloomberg subsequently identified that customer as Anthropic, with the deal valued at approximately $9 billion. Locking in two decades of dedicated compute capacity signals that Anthropic is planning for a future where its models require infrastructure on a scale that rivals the largest cloud providers.
That kind of capital commitment also helps explain why a $100 billion fundraise, a figure that would have seemed fantastical even two years ago, is being discussed seriously. Training and running frontier AI models is extraordinarily expensive, and the companies that want to stay at the frontier need to secure energy, chips, and data centre capacity years in advance.
What a $2 Trillion Valuation Actually Means
Anthropic’s reported target valuation deserves scrutiny. The company competes directly with OpenAI, Google DeepMind, and Meta AI, all of which are either backed by or are themselves some of the most capitalised entities in the world. Anthropic’s Claude models have earned genuine commercial traction, and the company has raised substantial funding from Amazon and Google, among others. But a $2 trillion valuation would place it above companies with decades of revenue history and diversified business lines.
The figure reflects investor appetite for exposure to frontier AI at a moment when the technology is being treated as a generational platform shift, comparable to the internet or mobile. Whether that appetite survives contact with the public markets, where quarterly earnings and profitability timelines matter more than they do in private funding rounds, is a different question entirely. IPO valuations negotiated in private talks have a history of being revised, sometimes sharply, once institutional investors begin their due diligence.
For investors in Malaysia and Singapore, the Anthropic IPO, if it proceeds, would likely be accessible only through US-listed shares or funds with exposure to it. But the broader dynamic it represents, meaning the consolidation of AI infrastructure around a small number of well-capitalised players, has direct consequences for the region. Southeast Asian governments and enterprises increasingly depend on AI services built on top of models and chips controlled by exactly these companies. The terms on which Anthropic, Nvidia, and their peers operate will shape the cost, availability, and governance of AI tools across the region for years to come.
If the deal closes anywhere near the figures being discussed, it will mark a defining moment in how the world prices the AI era, and a signal that the window for early positioning in frontier AI is closing fast.
Read More: Nvidia Owns the Model Marketplace Now. Here Is What That Actually Means for AI Builders.
