Nvidia is discussing an investment of up to $10 billion as an anchor investor in Anthropic's potential initial public offering, Reuters reported. Anthropic is considering a raise of as much as $100 billion at a valuation of roughly $2 trillion, which would make it the largest IPO on record, surpassing Saudi Aramco's roughly $25.6 billion 2019 listing. The talks remain at an early stage. Anthropic is targeting a late-September 2026 S-1 filing and completion before the November U.S. midterm elections. Its latest private funding round valued the company at $965 billion in May, while its annualized revenue run rate exceeded $65 billion by the end of July. An earlier report put a potential IPO valuation at $2.3 trillion.