An anchor investor is the quiet machinery of a big listing: a buyer who commits at the offer price before the stock ever trades. Reuters reports talks over exactly that position in the Claude maker’s debut. The stake under discussion would reach $10B.
The scale involved is unusual. Anthropic is seeking up to $100B and a valuation near $2T, figures that would make it the largest debut on record. A commitment that size gives underwriters a floor of demand on day one, and it hands Nvidia a stake at the pre-market price.
Follow the money and it loops back. Claude already trains on Nvidia accelerators. In 2025, Anthropic signed up for $30B of Azure capacity carrying the same silicon. Equity from the chipmaker would return as hardware orders, a pattern Nvidia has repeated with OpenAI and other customers.
The guarantee business is where its reach shows most. Nvidia stands behind roughly $300B of commitments that help data center builders borrow. Anthropic’s own revenue line, meanwhile, moved from about $9B at the close of 2025 to more than $65B by July.
Timing leaves room. The offering is expected to wrap before November’s midterm elections, and OpenAI, which has filed confidentially, says it will wait.
