Anthropic reportedly expands funding reserves for IPO, revolving credit line may exceed $10 billion, major Wall Street banks rush to participate

According to Zhishang Finance APP, artificial intelligence company Anthropic is further expanding its financing arrangements to prepare for its highly anticipated initial public offering (IPO). Sources reveal that Anthropic’s planned expansion of its revolving credit facility has attracted active participation from multiple banks, with the final scale likely to exceed the previous target of around $10 billion.

It is reported that Anthropic, the developer of the Claude chatbot, has seen many banks competing to provide funds in this expansion of its revolving credit facility. Some banks are hoping to use this opportunity to strengthen their relationship with Anthropic and compete for key roles such as underwriting in the company's future IPO.

Currently, discussions are still underway, and the final financing amount has not yet been determined. According to insiders, Anthropic may still keep the revolving credit facility at around $10 billion or even lower than this target.

Under the current arrangement, banks with the highest level of participation and leading the credit facility are required to provide loan commitments of approximately $1.25 billion each; second-tier major participating banks are encouraged to provide around $1 billion; and banks with lower participation may see their commitments drop to around $750 million or even lower.

In the syndicated loan market, the higher the amount a bank commits to lending, the higher the fees it can earn. When a company is about to undertake significant capital market transactions, a bank’s ranking in the credit arrangement is often closely related to the important roles it can obtain in subsequent transactions. Therefore, as Anthropic's IPO approaches, the enthusiasm of major banks in this revolving credit arrangement has attracted particular market attention.

If the final scale exceeds $10 billion, it would mark a substantial increase from the $2.5 billion five-year revolving credit facility Anthropic obtained last year. Banks that previously participated in that financing include Morgan Stanley, Barclays, Citi, Goldman Sachs, JP Morgan, Royal Bank of Canada, and Mitsubishi UFJ Financial Group, among others.

According to earlier reports, Anthropic is currently working with Morgan Stanley, Goldman Sachs, and JP Morgan to prepare for its IPO. The company could list on Wall Street as early as this fall and may go public ahead of major competitor OpenAI. Both Anthropic and OpenAI have confidentially submitted IPO filing documents.

The practice of expanding the credit facility by Anthropic also mirrors SpaceX's pre-IPO financing operation. In May this year, SpaceX increased its revolving credit facility from $1.5 billion to $5 billion and completed its record-setting IPO a month later, with the banks involved in the credit arrangement highly overlapping those ultimately responsible for the IPO.

Apart from the company's revolving credit facility, Anthropic's large-scale AI infrastructure needs are also driving more debt financing. Previous reports indicated that banks led by Morgan Stanley are discussing arranging about $15 billion in debt financing for Anthropic’s Texas data center project, with Google providing support. This is expected to include about $14 billion in bridge loans and a revolving credit facility.

As Anthropic accelerates its IPO preparations, its revenue is growing rapidly. According to previous reports, as of the end of July, Anthropic’s annualized revenue run rate had reached about $65 billion. The company’s most recent full quarter preliminary revenue exceeded $11.5 billion, up more than 13 times from only $787 million in the same period in 2025; the company also reported a positive adjusted operating profit for that quarter.

Robust revenue growth has further strengthened Anthropic’s foundation for moving forward with its listing. In July this year, the company began holding talks with potential investors to warm up for the possible large-scale IPO.

Meanwhile, the AI boom is significantly boosting the global IPO market recovery. Data shows that, excluding SPACs and other financial instruments, global IPO financing this year has already reached $257 billion, the highest annual level since 2021.

With Anthropic’s potential listing approaching, its over $10 billion revolving credit arrangement will not only enhance the company’s funding flexibility but is also becoming a key battlefield for major Wall Street banks vying for its IPO business.