Anthropic is reportedly seeking NVIDIA Corporation (NASDAQ:NVDA) as an anchor investor in an IPO that could value the AI developer near $2 trillion, with NVIDIA considering as much as $10 billion. Amazon.com, Inc. (NASDAQ:AMZN) already has far greater exposure through capital, cloud capacity and contracted spending.

Reuters reported the talks on September 11, saying Anthropic may raise up to $100 billion. The terms can change, and the report does not establish that NVIDIA's potential IPO check is additional to the up-to-$10 billion investment commitment announced in its broader Anthropic partnership with Microsoft in November 2025. Investors should treat both the valuation and NVIDIA amount as negotiations, not completed transactions.

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For NVIDIA, an anchor investment could deepen demand for its systems and let it participate in a customer's equity upside. Its latest quarterly revenue rose 106% to $96.2 billion, with data-center revenue up 117% to $89 billion. A $10 billion check would be manageable relative to that earnings engine.

The bear case is circularity. Funding a model developer that buys NVIDIA infrastructure can blur organic demand and customer financing. Paying near a $2 trillion valuation would also be aggressive: Anthropic's May financing valued it at $965 billion, so the reported IPO level is more than double in roughly three and a half months.

Amazon's economics are broader. Anthropic has named AWS its primary cloud and training partner and committed more than $100 billion of AWS spending over ten years. Amazon had already invested $8 billion, committed another $5 billion in April and indicated it could invest up to $20 billion more. Anthropic also plans to use as much as five gigawatts of AWS capacity.

That can reinforce AWS demand; second-quarter AWS sales rose 37% to a $169 billion annualized run rate. It also creates concentration and capital risk. Amazon expects roughly $220 billion of 2026 capital spending, and Anthropic supports multiple cloud and chip platforms, limiting exclusivity.

Insider Monkey's hedge fund database counted 285 NVDA holders in Q2 2026 versus 275 in Q1; Fisher Asset Management held 90,935,947 shares after a 3% increase. AMZN holders rose to 369 from 353, while Arrowstreet Capital owned 40,346,851 shares after increasing its stake 24%. Those filings predate the reported IPO talks.

As of August 31, 298,301,619 NVDA shares were sold short, equal to 1.28% of float and 2.14 days of average volume. NVIDIA's possible check matters symbolically. Amazon's existing exposure makes Anthropic's execution a much larger operating and capital-allocation question.