Rumor has it that Anthropic will increase capital reserves and revolving credit lines for IPOs or break through the $10 billion Wall Street bank scramble to enter the market

The Zhitong Finance App learned that artificial intelligence company Anthropic is further expanding its financing arrangements to prepare for an initial public offering (IPO) that has attracted much market attention. People familiar with the matter revealed that Anthropic plans to expand the revolving credit line with active participation from many banks, and the final scale may exceed the previously set target of about $10 billion.

According to reports, Anthropic, the developer of the Claude chatbot, has now expanded revolving credit lines, which has attracted many banks to compete for funding. Some banks hope to use this to strengthen partnerships with Anthropic and seek to secure important roles such as underwriting in the company's future IPOs.

Currently, related discussions are still ongoing, and the final financing scale is yet to be determined. According to people familiar with the matter, Anthropic may still limit the revolving credit limit to around $10 billion, or even below this target.

Under the current arrangement, Anthropic requires each bank with the highest level of participation and responsible for leading credit lines to provide about $1.25 billion in loan commitments; second-tier major participating banks are encouraged to provide about $1 billion; and the size of the less participating banks may drop to about $750 million or less.

In the syndicated loan market, the higher the loan amount that banks usually promise, the higher the processing fee they can obtain. And when an enterprise is about to carry out large-scale capital market transactions, the bank's ranking in credit arrangements is also often closely related to the role it can obtain in subsequent transactions. Therefore, as Anthropic's IPO approaches, the positive attitude of major banks towards this revolving credit line has received particular attention from the market.

If the final scale exceeds $10 billion, this would be a significant increase over the $2.5 billion five-year revolving credit line Anthropic received last year. Banks that have previously participated in this financing include Morgan Stanley, Barclays, Citibank, Goldman Sachs, J.P. Morgan Chase, Royal Bank of Canada, and Mitsubishi UFJ Financial Group.

According to previous reports, Anthropic is currently preparing an IPO in collaboration with Morgan Stanley, Goldman Sachs, and J.P. Morgan Chase. The company is likely to land on Wall Street in the fall of this year as soon as possible, and is expected to complete the listing before its main competitor, OpenAI. Both Anthropic and OpenAI have secretly submitted IPO application documents.

Anthropic's approach to expanding credit lines is also similar to previous SpaceX (SPCX.US) financing operations before it went public. SpaceX expanded its revolving credit line from 1.5 billion US dollars to 5 billion US dollars in May of this year, and completed a record IPO a month later, and the banks participating in the credit arrangement closely match the lineup of banks ultimately responsible for the IPO.

In addition to revolving credit lines at the company level, Anthropic's huge AI infrastructure demand is driving more debt financing. Earlier, it was reported that banks, led by Morgan Stanley, are discussing about $15 billion in debt financing for Anthropic's data center project in Texas, with support from Google. This is expected to include approximately $14 billion in bridge loans and a revolving credit line.

As Anthropic accelerates preparations for its IPO, the company's revenue is growing rapidly. According to previous reports, by the end of July, Anthropic's annualized revenue operating rate had reached approximately US$65 billion. The company's initial revenue for the most recent full quarter exceeded US$11.5 billion, compared to only US$787 million in the same period in 2025, an increase of more than 13 times; the company also achieved positive adjusted operating profit for the quarter.

Strong revenue growth has further strengthened the basis for Anthropic to advance its listing. The company began holding talks with potential investors in July this year to warm up for a possible large-scale IPO.

Meanwhile, the AI boom is significantly driving the recovery of the global IPO market. According to the data, after excluding special purpose acquisition companies and other financial instruments, the global IPO financing scale has reached 257 billion US dollars since this year, the highest annual level since 2021.

As Anthropic's potential listing approaches, its revolving credit arrangement of more than $10 billion will not only further enhance the company's financial flexibility, but is also becoming an important battleground for major Wall Street banks to compete for their IPO business.