Artificial intelligence company Anthropic is broadening its financial arrangements ahead of its highly anticipated initial public offering, with a planned expansion of its revolving credit facility attracting significant interest from multiple lenders, according to people familiar with the matter. The final size of the facility could surpass the roughly $10 billion target initially set, the sources said.

The developer of the Claude chatbot has drawn intense competition among banks eager to provide capital, with many hoping to deepen their relationship with the company and secure key roles such as underwriting in its future IPO. Discussions remain ongoing, and the final financing size has yet to be determined, the people noted. Anthropic could still keep the revolving credit facility around $10 billion or even below that level.

Under the current structure, Anthropic has asked the most heavily involved banks leading the facility to provide approximately $1.25 billion in loan commitments each; second-tier lead participants are encouraged to contribute around $1 billion; and banks with lower participation levels may see commitments drop to roughly $750 million or less. In the syndicated loan market, banks that commit larger amounts typically earn higher fees, and when a company approaches a major capital markets transaction, a bank's standing in the credit arrangement often correlates with the role it may secure in subsequent deals.

As such, the enthusiasm banks have shown for this revolving credit facility is drawing particular market attention as Anthropic's IPO nears. Should the final size exceed $10 billion, it would mark a substantial jump from the $2.5 billion five-year facility Anthropic secured last year, which included banks such as Morgan Stanley, Barclays, Citigroup, Goldman Sachs, JPMorgan, RBC, and Mitsubishi UFJ Financial Group.

Anthropic is currently working with Morgan Stanley, Goldman Sachs, and JPMorgan on its IPO preparations, as previously reported. The company could hit the public markets as early as this autumn, potentially beating rival OpenAI to a listing. Both Anthropic and OpenAI have already filed confidentially for their IPOs.

The expansion of Anthropic's credit facility mirrors similar pre-IPO moves by SpaceX, which grew its revolving credit line from $1.5 billion to $5 billion in May before completing a record-breaking IPO a month later. In that case, the banks involved in the credit arrangement largely overlapped with those ultimately responsible for the listing.

Beyond the corporate-level revolving facility, Anthropic's vast AI infrastructure needs are also driving additional debt financing. Reports indicate that banks led by Morgan Stanley are discussing roughly $15 billion in debt financing for Anthropic's data center project in Texas, with support from Google. That package is expected to include about $14 billion in bridge loans plus a revolving credit facility.

Anthropic's revenue growth is accelerating as it ramps up IPO preparations. As of the end of July, the company's annualized revenue run rate had reached approximately $65 billion, according to earlier reports. Preliminary revenue for the most recent full quarter exceeded $11.5 billion, compared with just $787 million in the same period in 2025—a more than 13-fold increase—and the company also posted positive adjusted operating profit for the quarter. This strong momentum is bolstering the case for a public listing, with Anthropic having begun discussions with potential investors in July to build anticipation for what could be a sizable IPO.

Meanwhile, the AI boom is fueling a broader recovery in global IPO activity. Data shows that, excluding special purpose acquisition companies and other financial vehicles, global IPO proceeds have reached $257 billion so far this year, the highest annual level since 2021. As Anthropic's potential listing draws closer, its planned credit facility of more than $10 billion not only enhances financial flexibility but is also becoming a key battleground for Wall Street's largest banks vying for a piece of its IPO business.