Nvidia Stock Is 10% Below Its Record. Does Anthropic's IPO Filing Make It a Buy?
How much of the Claude maker's rent goes to the chip giant?
On Monday, Anthropic released its initial public offering (IPO) filing, revealing agreements to rent computing power from Nvidia's data centers. The funding totals up to $206 billion, with deals spanning SpaceXAI, Nscale, and Lambda. However, these aren't chip purchases; they are rental agreements for existing or soon-to-be-available hardware.
Nvidia's shares rose slightly 2% on Monday, trading around $216, still 10% below their October record. The filing primarily signals Anthropic's commitment to using existing Nvidia infrastructure, with most of the hardware already sold or on its way. The SpaceXAI contracts, while substantial, are the most easily cancelable. Other commitments, like those to Google and Broadcom, are more binding.
Anthropic's revenue has surged to $16.3 billion in the first half of 2026, but it's allocating more funds to Google's chips than Nvidia's. Nvidia's data center business generated $89 billion in the second quarter of 2026, with the business projected to generate $356 billion annually. Despite the significant commitments, Nvidia's stock trades at 14 times expected earnings for its next fiscal year, suggesting the growth may be slowing. Therefore, considering these factors, Nvidia stock could be a viable buy at its current price.
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