Anthropic is in talks to syndicate a pre-IPO revolving credit facility that is set to exceed a target of about $10 billion, Bloomberg News reported on 18 August 2026.
The talks are continuing and the company could still limit the revolver to that target or take it below, Bloomberg said, citing people familiar with the matter.
Anthropic has asked the banks most active on the facility to commit about $1.25 billion each, with a second group asked for about $1 billion and less active roles at about $750 million or less, according to the same report. The banks on the line have not been named.
In a syndicated loan, a larger commitment typically brings higher fees and is more likely to sit with a more active role on a later capital markets transaction, Bloomberg reported.
Banks are seeking a role on the revolver in the hope that participation will strengthen their case for underwriting mandates on Anthropic's initial public offering, the people said.
Anthropic develops the Claude chatbot. It confidentially filed for a US initial public offering in June and is expected to list as soon as this autumn, Bloomberg reported. A representative for the company declined to comment.
A facility above $10 billion would be an increase on the separate $2.5 billion five-year revolving credit facility that Anthropic arranged last year.
Companies approaching a listing have used larger revolvers as they prepare to go public. SpaceX expanded its revolving credit facility to $5 billion in May from $1.5 billion, a month before its IPO, the prospectus showed, Bloomberg reported.
Anthropic's annual revenue run rate reached $65 billion by the end of July, Bloomberg reported. The company posted preliminary revenue of more than $11.5 billion in its latest completed quarter, compared with $787 million in the same period of 2025, and reported positive adjusted operating income for the quarter, according to documents seen by Bloomberg.
Reuters reported that Anthropic is projecting 2028 revenue of roughly $190 billion to $200 billion. The company has been meeting investors ahead of the planned listing, people familiar with the matter told Bloomberg in July.