Via bloomberg.com
The AI giant is building a war chest that dwarfs most companies' entire market caps, with lead banks lining up for $1.25 billion commitments each.
Anthropic is assembling a revolving credit facility north of $10 billion ahead of what’s shaping up to be one of the largest IPOs in history. Banks are practically tripping over each other to participate, with lead institutions being asked to commit roughly $1.25 billion apiece.
The bank pecking order #
The facility’s structure reads like a velvet-rope hierarchy at a Manhattan nightclub. Lead banks get the privilege of committing around $1.25 billion each. Second-tier participants are being tapped for approximately $1 billion. Smaller players can grab a seat at the table for $750 million.
This isn’t Anthropic’s first dance with Wall Street’s biggest lenders. The company closed a $2.5 billion, five-year revolving credit facility back in May 2025 with a roster that included Morgan Stanley, Barclays, Citibank, and JPMorgan.
Revenue growth that defies gravity #
Anthropic’s revenue run rate hit $47 billion by mid-May 2026. It has since reportedly surpassed $65 billion.
The company’s Series H funding round valued it at $965 billion post-money. Expectations for the IPO itself suggest a valuation that could push past $2 trillion.
Anthropic filed a confidential S-1 in June 2026, the formal first step toward going public. The confidential filing lets the company work through SEC review without publicly revealing its financial details.
No final terms or specific lender commitments have been confirmed, as the syndication process remains ongoing.
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