Overview
- Reports on Sept. 11–12 showed Anthropic has a leaked S‑1 cover and is in discussions to bring Nvidia in as an anchor investor that could commit up to $10 billion to a proposed $100 billion offering.
- The planned raise would target a public valuation near $2 trillion based on the company’s private $965 billion price in May and internal figures showing an annualized revenue run rate above $65 billion by July.
- Major banks including Morgan Stanley and Goldman Sachs are lining up underwriting roles and Anthropic is working on large pre‑IPO financing such as a reported $15 billion revolving credit facility.
- The public S‑1, expected in late September, will contain audited revenue, gross margins and compute economics that investors say are decisive for validating the lofty private valuations.
- If the deal proceeds it could shift wealth to employees and deepen ties between chip suppliers and model developers while raising questions about compute costs, customer concentration and regulatory timing before the U.S. midterms.