Anthropic PBC's revolving credit facility is expected to surpass its target size of roughly $10 billion, according to sources familiar with the matter. The AI company's planned expansion of its credit line has drawn participation from multiple banks, with some lenders hoping to bolster their chances of securing more prominent roles in the company's eventual initial public offering.

Discussions remain ongoing, and the company could ultimately decide to cap the revolving credit facility at the target amount or even below that level. Anthropic has requested that lead banks taking the most active role in the facility each provide approximately $1.25 billion in lending, while banks in the next tier are encouraged to commit around $1 billion. Participants at lower levels have pledged roughly $750 million or less.

In typical syndicated lending arrangements, larger bank commitments translate into higher fees earned from the borrower. When a company is expected to pursue major capital markets transactions, banks with higher rankings in the loan syndicate often secure more influential positions in subsequent deals.

Anthropic is accelerating its path to going public, a move that mirrors the playbook of SpaceX. According to its prospectus, SpaceX expanded its revolving credit facility from $1.5 billion to $5 billion in May this year, just one month before executing a record-breaking IPO. The roster of banks participating in that credit facility was nearly identical to the underwriting team for the offering.

Both Anthropic and its rival OpenAI have confidentially submitted IPO filings, with Anthropic expected to debut on U.S. stock markets as early as this autumn, potentially ahead of OpenAI.