Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTDaniel Sparks, The Motley FoolSun, September 6, 2026 at 12:03 AM GMT+2 6 min readWhen Advanced Micro Devices (NASDAQ:AMD) announced its Anthropic partnership in late July, two commitments stood out. Anthropic agreed to deploy up to 2 gigawatts of AMD Instinct MI450 series graphics processing units (GPUs), with deployment of the first gigawatt set to begin in the first half of 2027. And AMD committed to invest up to $5 billion in the artificial intelligence (AI) company behind the Claude models.The second commitment is about to get easier to measure. Anthropic plans to publish its initial public offering (IPO) prospectus after the Labor Day holiday on Monday, with a listing as soon as late September or early October, The Information reported late last month.Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »What does AMD hold today, then? Not a stake, at least not yet.Image source: AMD.Conditions attachedAMD's press release put it carefully: The company "has committed to make a strategic equity investment of up to $5 billion in Anthropic in the future."AMD's early August quarterly filing added structure. It describes investment commitments of up to $5 billion entered after the quarter ended, "subject to certain contingencies," with the money expected to go out through fiscal year 2028.Neither company has said what the contingencies are. And no valuation for the investment has been disclosed.That shape has become standard among Anthropic's backers. Alphabet agreed in April to invest up to $40 billion -- $10 billion immediately, the remaining $30 billion contingent on performance milestones.For scale, AMD held $1.7 billion of investments in private companies at the end of the second quarter. This one commitment could grow to nearly triple that.What would a listing change?Anthropic itself has confirmed very little. The only filing on record is a confidential draft registration statement submitted in June.However, the reported figures are staggering. CNBC has reported that Anthropic is valued at close to $1 trillion in the private markets, and that investors project it could float at about a $2 trillion valuation. The growth underneath, I think, explains the excitement. Anthropic's annualized revenue run rate (a full-year projection of its recent revenue pace) topped $30 billion in April and passed $65 billion by the end of July. The company has reportedly raised at least $130 billion, and its offering is expected to surpass the June IPO of SpaceX, which raised about $86 billion, the largest on record.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info