Nvidia (NVDA) is negotiating to become an anchor investor in Amazon-backed (AMZN) Anthropic's potential initial public offering, Reuters reported Saturday, citing two people familiar with the matter.

The artificial intelligence startup aims to secure up to $100 billion at a roughly $2 trillion valuation, while Nvidia evaluates a potential $10 billion allocation to the still-developing plans, the news outlet quoted the sources as saying.

The IPO plans remain under development and are projected to be completed before the November US midterm elections, the report said.

Shares of Nvidia were down 2.9%, while shares of Amazon slipped 1.56% in Monday premarket activity.

Nvidia, Amazon, and Anthropic did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)