Anthropic PBC is close to wrapping up an expansion of its revolving credit line to $15 billion, per people who requested anonymity, clearing a key step before the artificial intelligence firm's planned public filing. Morgan Stanley is out front on the process, with Goldman Sachs Group Inc., JPMorgan Chase & Co., and Citigroup Inc. holding prominent positions. Bloomberg News has reported that the same four are also leading the IPO effort.
Barclays Plc and Wells Fargo & Co. are expected to take meaningful roles on the loan. Bank of America Corp., Deutsche Bank AG, Royal Bank of Canada, and UBS Group AG sit near the top of the priority list. Additional participants 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.
Anthropic asked the most active banks at the top of the credit to commit about $1.25 billion apiece, with the next tier encouraged to pitch in around $1 billion, and commitments stepping down to roughly $750 million and smaller for less active spots, Bloomberg reported. In syndicated loans, bigger commitments generally come with bigger fees, and when a marquee capital markets deal is coming, a higher slot in the loan often lines up with a more hands-on role in the offering.
Deal terms could still shift. Those familiar with the details asked not to be identified because the information is not public. Spokespeople for Anthropic, Goldman Sachs, JPMorgan, Citigroup, Barclays, Wells Fargo, Bank of America, and UBS said they had no comment, while the remaining banks didn't respond right away.
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The new credit line would surpass the company's roughly $10 billion target reported in August and is far larger than the $2.5 billion five year facility Anthropic lined up last year. That prior deal included Morgan Stanley, Barclays, Citigroup, Goldman Sachs, JPMorgan, Royal Bank of Canada, and MUFG, per a LinkedIn post at the time.
Observers are drawing parallels to SpaceX, which lifted its own revolver to $5 billion in May from $1.5 billion, as shown in its prospectus, about a month before its record IPO. The bank roster on that offering closely mirrored the IPO lineup. For banks, top-billing on a blockbuster listing can mean a bigger slice of fees and a boost in league table standings. Bloomberg's 2026 ranking of US equity offerings lists JPMorgan at No. 1, a position supported by its work on SpaceX's $86.2 billion debut, including the over allotment.
US IPO activity has heated up, with listings this year bringing in $160.6 billion; Bloomberg data exclude blank check companies and other financial vehicles in that figure. Against that backdrop, people familiar with Anthropic's plans say the Claude maker wants an IPO take that matches SpaceX or even surpasses it. Companies often finalize a revolver before formally locking in banks' roles for a listing, so this financing step is a tell.
Bloomberg News reports Anthropic's current annualized revenue rate is above $65 billion, over sevenfold what it was at the end of last year. A $15 billion credit line and a heavyweight bank group point to a very large offering in the making. If you are tracking new listings, pay attention to how this loan syndicate translates into IPO roles, fee pools, and where demand shows up once shares hit the market.
