Anthropic PBC is boosting its revolving credit facility beyond the roughly $10 billion target. The move comes as the AI firm gears up for a highly anticipated IPO. Sources say the company is negotiating higher commitments from banks to support the upcoming offering.
The firm has asked the most active banks to lend about $1.25 billion, while the next tier of banks is encouraged to offer around $1 billion. Commitments drop to roughly $750 million and lower for banks with less active roles. In syndicated loans, larger commitments usually bring higher fees and a stronger position in the IPO.
Anthropic’s expansion mirrors SpaceX’s strategy, which raised its revolving line to $5 billion in May after a $1.5 billion line the previous year. SpaceX’s banks were largely the same ones involved in its record‑breaking IPO. A $10 billion-plus line would be a significant jump from Anthropic’s $2.5 billion five‑year facility secured last year.
Last year’s facility included Morgan Stanley, Barclays, Citigroup, Goldman Sachs, JPMorgan, Royal Bank of Canada and Mitsubishi UFJ. The company is also working with Morgan Stanley, Goldman Sachs and JPMorgan on the IPO, according to Bloomberg. In early June, banks led by Morgan Stanley were in talks to provide $15 billion of debt for an Anthropic data‑center project in Texas, backed by Alphabet’s Google.
The AI race has fueled a boom in IPOs, with listings this year raising $257 billion, the most since 2021. Anthropic and rival OpenAI have filed confidential paperwork to go public, with Anthropic expected to debut on Wall Street as early as this fall, ahead of OpenAI.
Anthropic’s run‑rate hit $65 billion by the end of July, a dramatic rise that supports its IPO plans. The latest quarter saw preliminary revenue of more than $11.5 billion, compared with $787 million in the same period in 2025. The company also posted positive adjusted operating income for the quarter.
Anthropic is meeting with investors ahead of its potential mega‑IPO, according to sources. The expanded credit line and strong financials position the company well for a high‑profile listing. Investors will be watching closely as the firm finalises its IPO strategy.