Key Takeaways
- Anthropic is finalizing a revolving credit facility of about $15 billion.
- The line has grown sharply from a $2.5 billion facility signed in 2025.
- Banks are competing for larger commitments to secure roles in the Anthropic IPO.
Anthropic is close to finalizing a revolving credit facility of roughly $15 billion, expanding its balance sheet ahead of a planned initial public offering.
A credit line that has grown sixfold
The AI company originally targeted a credit facility of about $10 billion. That figure has since climbed as banks compete for a larger role in the deal, pushing the final size toward $15 billion.
The facility marks a major jump from Anthropic’s previous credit line. The company secured a five-year, $2.5 billion revolving credit facility in 2025, backed by banks including Morgan Stanley, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Royal Bank of Canada, and Mitsubishi UFJ Financial Group.
Anthropic is working with Morgan Stanley, Goldman Sachs, and JPMorgan on the upcoming Anthropic IPO. Lead banks on the credit facility have reportedly been asked to commit around $1.25 billion each, with smaller lenders offering commitments between $750 million and $1 billion, depending on their role.
Bigger loan commitments, bigger IPO roles
In syndicated lending, a bank’s commitment size typically determines both its fees and its influence on later transactions. Banks that put up larger amounts for the credit facility are positioning themselves for bigger roles when Anthropic goes public.
The financing push follows separate reports that banks led by Morgan Stanley were arranging $15 billion in debt for an Anthropic data center project in Texas, backed by Google parent Alphabet. That package reportedly included a $14 billion bridge loan alongside its own revolving credit facility.
Anthropic has also secured additional private credit financing this year. Investment firms Apollo and Blackstone arranged a $35 billion credit deal to help fund AI chip purchases, with chipmaker Broadcom guaranteeing part of the loans.
Strong revenue growth supports the case
Anthropic’s expanding credit lines follow a sharp rise in revenue. The company’s annualized revenue run rate reached $65 billion by the end of July, and preliminary revenue for its most recent completed quarter topped $11.5 billion, up from $787 million a year earlier.
The company raised $65 billion in a Series H funding round earlier this year at a $965 billion valuation, in what it described as likely its final private fundraising round before going public. The round included investors such as Sequoia Capital, Capital Group, Coatue, and D1 Capital Partners, along with strategic partners Samsung, SK Hynix, and Micron.
Anthropic has reportedly held investor meetings ahead of a possible IPO as soon as October. The growing credit facility gives the company additional financial flexibility as it continues to scale computing capacity and expand its Claude AI products ahead of the Anthropic IPO.
