Anthropic is expanding its pre-IPO revolving credit facility beyond $10 billion, with banks jostling for allocation tiers that signal their expected roles in the upcoming listing. The Claude maker has asked the most active lenders to commit roughly $1.25 billion each, a second group to offer around $1 billion, and less active participants to provide $750 million or less, according to people familiar with the discussions. The facility size remains fluid and could be capped at the target or below.
The tiered allocation
In syndicated lending, commitment size typically determines fee income and league-table credit. Here it also maps to anticipated IPO underwriting roles. Morgan Stanley, Goldman Sachs and JPMorgan are already mandated for the offering, Bloomberg has reported. Barclays, Citigroup, Royal Bank of Canada and Mitsubishi UFJ Financial Group were named in a LinkedIn post as participants in the existing facility. Anthropic declined to comment.
The IPO signal
The expansion follows confidential IPO filings by both Anthropic and rival OpenAI, with Anthropic targeting a Wall Street debut as early as this fall. AI-driven listings have pushed year-to-date proceeds to $257 billion, excluding blank-check vehicles, the highest annual total since 2021. Bank of America recently added a $520 million tranche to OpenAI’s undrawn facility, lifting that company’s available credit above $5 billion.
The data-center link
Weeks earlier, banks led by Morgan Stanley were in talks to arrange $15 billion of debt for a Texas data-center project developed by Nexus Data Centers and backstopped by Alphabet’s Google. That package comprised a $14 billion bridge loan and a revolver. The parallel financing tracks underscore the capital intensity of Anthropic’s compute strategy ahead of a public listing.
Revenue trajectory
Anthropic’s run rate reached $65 billion by the end of July. The latest completed quarter showed preliminary revenue above $11.5 billion, up from $787 million in the comparable 2025 period, with positive adjusted operating income. The company has been meeting investors since July to prepare for what could be a mega-IPO.