Anthropic Nears Finalizing $15 Billion Pre-IPO Credit Facility

Anthropic PBC is wrapping up negotiations to secure a $15 billion revolving credit line, according to people familiar with the matter. The financing package surpasses the company’s initial target of roughly $10 billion reported in August, and substantially larger than the $2.5 billion five-year facility the Claude chatbot maker secured last year with participation from Morgan Stanley, Barclays, Citigroup, Goldman Sachs, JPMorgan, Royal Bank of Canada, and MUFG.

Companies typically finalize a credit revolver before formally notifying banks of their designated roles in a public stock offering. The syndicate shaping Anthropic’s loan features the same major Wall Street institutions leading its upcoming public listing, tying capital markets fees directly to bank commitments.

Morgan Stanley, Goldman Sachs, JPMorgan, and Citigroup Lead the Syndicate

Morgan Stanley is leading the credit facility process, while Goldman Sachs Group Inc. and JPMorgan Chase & Co. also have prominent roles on the facility, alongside Citigroup Inc. Those four financial institutions are managing the company’s initial public offering.

The lending group is structured in tiers based on financial commitment. Anthropic asked the most active banks leading the credit line to lend about $1.25 billion each. The next tier of active participants was encouraged to offer around $1 billion, while commitments dropped to roughly $750 million and lower for less active roles. In syndicated loans, higher commitments command larger fees, and lenders securing a top spot in the pre-IPO debt package typically lock down more active underwriting roles in the equity offering.

Barclays Plc and Wells Fargo & Co. hold key positions on the loan, with Bank of America Corp., Deutsche Bank AG, Royal Bank of Canada, and UBS Group AG also positioned near the top of the priority list. Additional lenders participating in the revolver include Bank of Montreal, BNP Paribas SA, Credit Agricole SA, Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc., and Toronto-Dominion Bank.

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Following the SpaceX Playbook in a Heating IPO Market

People familiar with Anthropic’s preparations report that the artificial intelligence developer aims to raise as much as SpaceX or more in its initial public offering. Observers draw parallels to SpaceX, which expanded its own revolving credit facility to $5 billion from $1.5 billion in May—just a month before its record-breaking public debut—utilizing a bank lineup substantially mirroring its IPO syndicate.

Securing top-tier placement on blockbuster tech offerings boosts bank league table standings and fee revenues. JPMorgan holds the top ranking in US equity offerings, bolstered by its role on SpaceX’s $86.2 billion debut, including the over-allotment. Driven heavily by artificial intelligence developments, US listings have raised $160.6 billion this year, excluding blank-check companies and other financial vehicles, marking the highest annual total since 2021.

Rapid Revenue Growth and Market Context

Anthropic enters the public markets backed by surging financial metrics. The company is on track to generate annualized revenue of over $65 billion based on current performance, representing a more than sevenfold increase from its pace at the end of last year.

This credit expansion follows a sequence of private financing moves, including a $30 billion round in February at a $380 billion valuation and a $65 billion private round in May at a $965 billion post-money valuation. Reuters previously reported that Anthropic filed confidentially for a U.S. public offering in June.

Representatives for Anthropic, JPMorgan, Barclays, Wells Fargo, Goldman Sachs, Citigroup, and UBS declined to comment on the pending credit facility terms, and the remaining banks did not immediately respond to requests for comment.