Anthropic’s pre-IPO credit facility set to top $10B

Anthropic's revolving credit facility is poised to surpass its roughly $10 billion target as the artificial intelligence company prepares for what could be one of the largest initial public offerings in history, Bloomberg reported on Tuesday.bloomberg

The Claude chatbot maker has asked lead banks to commit approximately $1.25 billion each, while secondary participants have been encouraged to offer around $1 billion, according to people familiar with the matter. Smaller allocations of $750 million or less are expected for less active syndicate members, though the final size remains fluid.investing

Banks Jockey for IPO Roles

The expansion is drawing a rush of financial institutions eager to secure substantial lending commitments — a maneuver widely understood as a way to strengthen their pitch for underwriting roles on the upcoming IPO. In syndicated lending, higher-ranking positions typically translate to elevated fee structures and favorable positioning for subsequent capital markets mandates.investing+1

The proposed facility would represent a dramatic escalation from the $2.5 billion five-year credit line Anthropic secured last year, which featured participation from Morgan Stanley ↘ 0.30%, Goldman Sachs The Goldman Sachs Group, Inc. ↘ 1.03%, and JPMorgan Chase ↗ 0.63% — three banks already engaged in IPO preparations.investing

A Playbook From SpaceX

The strategy mirrors recent pre-IPO moves by other high-growth firms. SpaceX expanded its own revolving credit facility to $5 billion shortly before executing a record-breaking public offering with a largely identical banking syndicate.investing

Anthropic's balance-sheet buildup also follows separate negotiations led by Morgan Stanley to arrange $15 billion in debt financing for a massive data-center project in Texas, backstopped by Alphabet ↘ 0.05%. That package is expected to include a $14 billion bridge loan directed toward developer Nexus Data Centers.investing

IPO on the Horizon

The credit facility expansion comes as Anthropic accelerates its path to public markets. The company confidentially filed IPO paperwork with the SEC on June 1, 2026, and is targeting a listing as early as September or October. Anthropic raised $65 billion in Series H funding in May at a $965 billion post-money valuation, and some investors have told the Financial Times they expect the company to debut at $2 trillion or more.bitmex+4