Anthropic's IPO Targets a $2 Trillion Valuation With Nvidia in Talks to Anchor

The numbers for Anthropic’s public debut keep escalating. Per Yahoo Finance and Benzinga, investors now expect an October listing at a $2 trillion or higher valuation in what would be the largest IPO in history, with a raise of nearly $100 billion under consideration and Nvidia in talks to invest up to $10 billion as the anchor investor. That is a sharp escalation from last week’s reporting, when the plan was marketing from mid-October off a $965 billion private valuation.

What a $2 Trillion Print Would Mean

A $2 trillion listing would double Anthropic’s private valuation in months and put it, on day one, among the most valuable public companies on earth, raising nearly twice as much as any IPO ever attempted. The underwriting case reportedly still rests on the $190-200 billion 2028 revenue forecast, which requires the enterprise agent business to compound at rates no software company has sustained at this scale. An Nvidia anchor investment would do real work in that pitch: it signals silicon priority, aligns the company whose chips train Claude with the company selling Claude, and hands the deal the one thing a valuation this aggressive needs most, a credible first buyer of last resort.

The Risk File Gets Simultaneously Heavier

The same week produced the less flattering prospectus material: a researcher’s resignation endorsed by Anthropic’s own alignment lead, the withholding of Mythos 5.1 from UK safety testing, and the walk-away from the $6 billion Decart acquisition after diligence. None of it is disqualifying, but it is all discoverable, and a $2 trillion ask means every institutional investor’s diligence team is already reading the Reuters archive. The October window holds; whether the price holds through a prospectus that has to explain all of the above is the actual open question.