Anthropic expands its funding reserves for IPO, with revolving credit facilities possibly exceeding $10 billion, as Wall Street's major banks compete to get involved.

The artificial intelligence company Anthropic is further expanding its financing arrangements in preparation for a highly anticipated initial public offering (IPO). According to insiders, Anthropic's plan to increase its revolving credit facility has attracted the active participation of several banks, with the final amount potentially exceeding the previously set target of approximately $10 billion. Reportedly, the developer of the Claude chatbot, Anthropic, has drawn interest from multiple banks eager to provide funding for this expanded revolving credit facility. Some banks hope to strengthen their relationships with Anthropic and aim to secure important roles, such as underwriting, in the companys future IPO. Discussions are still ongoing, and the final scale of financing has yet to be determined. Insiders indicated that Anthropic may still keep the revolving credit facility around $10 billion, or even below this target. In the current arrangements, Anthropic requires the leading banks, which will take on the largest commitment, to provide loan commitments of about $1.25 billion each; the major participating banks in the second tier are encouraged to commit approximately $1 billion; while banks with lower participation may reduce their commitments to about $750 million or less. In the syndicated loan market, the higher the loan commitments that banks make, the higher the fees they can earn. Additionally, when a company is about to undertake a major capital market transaction, the ranking banks in credit arrangements are often closely related to the roles they can secure in subsequent transactions. Therefore, as Anthropics IPO approaches, the positive attitude displayed by major banks towards this revolving credit facility is particularly noteworthy in the market. If the final amount exceeds $10 billion, it would represent a significant increase from the $2.5 billion five-year revolving credit facility Anthropic secured last year. Banks that previously participated in this financing included Morgan Stanley, Barclays, Citigroup, Goldman Sachs Group, Inc., JPMorgan Chase, Royal Bank of Canada, and Mitsubishi UFJ Financial Group, Inc. Sponsored ADR. According to previous reports, Anthropic is currently collaborating with Morgan Stanley, Goldman Sachs Group, Inc., and JPMorgan Chase to prepare for its IPO. The company could potentially hit Wall Street as early as this fall and may go public before its main competitor, OpenAI. Both Anthropic and OpenAI have secretly submitted IPO application documents. Anthropic's move to expand its credit facility also resembles the financing operations prior to SpaceX's (SPCX.US) IPO. In May, SpaceX expanded its revolving credit facility from $1.5 billion to $5 billion, completing a record IPO a month later, with banks participating in the credit arrangements overlapping significantly with those ultimately responsible for the IPO. In addition to the company-level revolving credit facility, Anthropic's substantial demand for AI infrastructure is also driving more debt financing. Reports have previously indicated that banks led by Morgan Stanley are discussing arranging approximately $15 billion in debt financing for Anthropic's data center project in Texas, backed by Alphabet Inc. Class C. This is expected to include about $14 billion in bridge loans and a revolving credit facility. As Anthropic accelerates its IPO preparations, the company's revenue is growing rapidly. According to previous reports, by the end of July, Anthropic's annualized revenue run rate had reached approximately $65 billion. The companys preliminary revenue for its most recent complete quarter exceeded $11.5 billion, compared to just $787 million in the same quarter of 2025, representing an increase of over 13 times; the company also achieved positive adjusted operating profit during that quarter. The strong revenue growth further enhances Anthropics foundation for proceeding with its public listing. The company began discussions with potential investors in July this year to generate momentum for the possible large IPO. At the same time, the AI boom is significantly driving the recovery of the global IPO market. Data shows that, excluding special purpose acquisition companies and other financial instruments, global IPO financing has reached $257 billion so far this year, the highest annual level since 2021. As the potential listing date of Anthropic approaches, its revolving credit arrangement of over $10 billion not only enhances the company's financial flexibility but is also becoming a crucial battlefield for major Wall Street banks competing for its IPO business.