Anthropic plans $10B revolving credit ahead of IPO

Anthropic is reportedly planning to expand its revolving credit facility to more than $10 billion to bolster liquidity ahead of a potential IPO, with banks negotiating commitment levels that could shape underwriting roles. The most active banks are expected to commit about $1.25 billion each, second-tier banks around $1 billion, and smaller participants $750 million or less, a structure designed to secure top banks early for the anticipated IPO. The move would be significantly larger than last year’s $2.5 billion five-year facility, and aims to lock in core banks such as Morgan Stanley, Goldman Sachs, and JPMorgan as part of the underwriting syndicate as Anthropic prepares for a possible autumn listing. Market observers note that larger credit lines typically come with higher fees and can influence IPO valuation and execution, using precedents like SpaceX’s pre-IPO credit expansion. Bloomberg and other outlets have reiterated that the facility remains under negotiation and could end up around $10 billion or even below, with the final size and timing still unsettled. Industry reports also indicate that banks are vying for a role in Anthropic’s IPO, underscoring the strategy to bolster financing while positioning leading banks for the eventual offer.