Anthropic is in talks to syndicate a pre-IPO revolving credit facility that is set to exceed a target of about $10bn, Bloomberg News reported on 18 August.
The talks are continuing, and the company could still limit the revolver to that target or take it below, Bloomberg reported. Banks in the most active roles have been asked to commit about $1.25bn each, with a second group asked for about $1bn and less active roles at about $750m or less. The banks on the line have not been named.
Larger commitments typically bring higher fees and improve a bank's chances of winning a role on a later capital markets transaction. Banks seeking positions on the facility are hoping the mandate will strengthen their case to underwrite Anthropic's planned IPO, according to Bloomberg.
Anthropic, which develops the Claude chatbot, confidentially filed for a US IPO in June and is expected to list as soon as this autumn, Bloomberg reported. The company declined to comment.
The company arranged a separate $2.5bn five-year revolver last year. A facility above $10bn would mark a significant increase.
Bloomberg also cited SpaceX as a recent pre-IPO financing comparison, noting the company expanded its revolver to $5bn from $1.5bn in May, a month before its IPO, according to its prospectus.
Anthropic's annual revenue run rate reached $65bn by the end of July, Bloomberg reported, citing documents it had seen. Preliminary revenue was more than $11.5bn in the latest completed quarter, up from $787m in the same period of 2025, with positive adjusted operating income in the quarter.
Reuters has reported that Anthropic is projecting 2028 revenue of roughly $190bn to $200bn. Bloomberg reported in July that the company was meeting investors ahead of its planned listing.