--- title: "IPO Approaches, \"War Chest\" Bolstered! Anthropic Reportedly Plans to Expand Credit Facility to Over $10 Billion" type: "News" locale: "en" url: "https://longbridge.com/en/news/296256900.md" description: "The facility of over $10 billion would be at least four times the size of the credit line Anthropic secured last year. Multiple banks are reportedly vying to participate in this financing to secure underwriting roles in Anthropic's future IPO; under Anthropic's current invitation scheme, the most actively participating banks are each committing to lend approximately $1.25 billion" datetime: "2026-08-19T00:32:07.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296256900.md) - [en](https://longbridge.com/en/news/296256900.md) - [zh-HK](https://longbridge.com/zh-HK/news/296256900.md) --- # IPO Approaches, "War Chest" Bolstered! Anthropic Reportedly Plans to Expand Credit Facility to Over $10 Billion Recent news indicates that OpenAI's rival, Anthropic, is bolstering its financial "war chest" ahead of its public listing. According to Bloomberg, citing sources familiar with the matter on Tuesday, the 18th (U.S. Eastern Time), Anthropic plans to expand a revolving credit facility to over $10 billion, a scale potentially higher than the previously targeted figure of around $10 billion. As Anthropic prepares for its highly anticipated IPO, multiple banks are scrambling to participate in this financing to secure underwriting roles in the future offering. The revolving credit facility is still under negotiation, and Anthropic may ultimately keep the facility size around $10 billion or even below this target. Under Anthropic's current invitation scheme, the most actively participating banks are expected to commit approximately $1.25 billion each, second-tier banks around $1 billion, and other less active participants $750 million or less. For banks, higher committed loan amounts typically yield higher fees. In the context of impending large-scale capital market transactions, ranking within the syndicated loan often corresponds to a more active role in the future IPO transaction. If the final amount exceeds $10 billion, it will be at least four times the $2.5 billion five-year revolving credit facility Anthropic secured last year. Banks participating in last year's revolving credit facility included Morgan Stanley, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Royal Bank of Canada, and MUFG. Previous reports mentioned that Anthropic is working with three of these Wall Street institutions—Morgan Stanley, Goldman Sachs, and JPMorgan Chase—to advance its IPO. ## IPO Nears, Banks Vie for "Entry Tickets" The significance of Anthropic's expansion of its revolving credit facility may extend beyond merely providing the company with backup liquidity. Bloomberg points out that banks are actively striving to participate in the expanded credit facility, driven largely by the strengthening expectations for Anthropic's IPO. For investment banks, achieving a higher ranking in pre-IPO financing arrangements increases the likelihood of playing a more significant role in the future IPO underwriting syndicate. This model is not unique to Anthropic. For instance, SpaceX expanded its revolving credit facility from $1.5 billion to $5 billion in May this year, shortly before proceeding with a record-breaking IPO. Bloomberg stated that the banks participating in SpaceX's credit facility expansion were largely the same as those involved in its subsequent IPO. For Anthropic, this means that the substantial increase in its revolving credit facility can also be viewed as a step in building deeper financing relationships with Wall Street as it gradually moves toward the public market. More importantly, Anthropic faces an AI infrastructure cycle with enormous capital requirements. While a revolving credit facility does not necessarily mean the company will immediately borrow the full amount, it provides a massive pool of backup funds to handle compute power procurement, data center construction, and other capital expenditure needs. ## Data Center Projects Secure Another $15 Billion in Financing as AI "Cash Burn" Enters the Infrastructure Era Anthropic's recent financing activities are closely linked to its rapidly expanding data center needs. In late July, The Wall Street Journal reported that a bank consortium led by Morgan Stanley was in advanced negotiations to provide a $15 billion loan to data center developer Nexus Data Centers. The funds are intended for constructing a large data center campus in Texas and a 1.6-gigawatt natural gas power plant. Under the reported plan, the financing would include a $14 billion bridge loan and a revolving credit facility. Anthropic will be the primary tenant of the project, while Google plans to provide billions of dollars in financial guarantees for part of Anthropic's lease and power purchase obligations, helping to reduce the lending risk for banks. Google is also expected to acquire approximately 20% equity stake in the data center and power project. This implies that the capital Anthropic needs to raise is no longer limited to the costs of compute power required for training large models, but is gradually extending to directly securing data centers, power supply, and even chip supplies. According to The Wall Street Journal, Anthropic plans to secure at least 10 gigawatts of data center capacity in the coming years and has already signed more than ten preliminary lease agreements with U.S. developers. The Texas project is part of its transition from simply renting cloud computing resources to becoming a direct tenant in data center projects. This financing model also reflects an increasingly obvious trend in the current AI industry: AI companies are relying more on the balance sheets of tech giants, chip manufacturers, and Wall Street to fund their infrastructure expenditures. ## Revenue Soars, Providing "Confidence" for Massive Financing One of the most important supports enabling Anthropic to secure such substantial financing before its IPO is its remarkable revenue growth. Data released last week showed that Anthropic's Q2 revenue exceeded $11.5 billion, representing a nearly 14-fold year-over-year increase. Meanwhile, on Monday, market rumors emerged that the company had informed investors its annualized revenue run rate surpassed $65 billion in July. Reuters subsequently cited sources stating that Anthropic's annualized revenue run rate exceeded $65 billion by the end of July, further increasing from $47 billion in May; by the end of 2025, this figure was only about $9 billion. It is important to note that $65 billion refers to the annualized revenue run rate, not the actual revenue realized by the company over the past 12 months. This metric typically annualizes current sales velocity, thereby better reflecting the speed of recent business growth rather than guaranteeing that the company will definitely achieve $65 billion in revenue over the next year. Even so, Anthropic's growth speed remains astonishing. When Anthropic announced the completion of $65 billion in financing this May, the company disclosed that its annualized revenue had already surpassed $47 billion, achieving a post-money valuation of $965 billion and becoming one of the most valuable startups globally. In just a few months, the annualized revenue run rate rose further from $47 billion to over $65 billion, demonstrating a strong revenue growth curve for Anthropic ahead of its IPO. ## From "High-Valuation AI Company" to "Wall Street Financing Machine" Anthropic is forming an increasingly complete financing chain: At one end is the high growth driven by products like Claude and Claude Code; at the other end are the continuously expanding demands for compute power, chips, and data centers, connected in the middle by financial instruments such as bank loans, guarantees from tech giants, and IPO financing. Viewing the proposed expansion of the revolving credit facility to over $10 billion alongside the previous $15 billion data center project financing further illustrates that Anthropic is gradually transforming from an AI startup reliant on equity financing into a corporation capable of mobilizing large-scale debt capital. This transformation is also driven by the reheating of the overall IPO market. Bloomberg data shows that global IPO fundraising has reached $257 billion so far this year, excluding SPACs and other financial instruments, marking the highest annual level since 2021. The potential listings of major AI companies like Anthropic and OpenAI are becoming the most watched components of this IPO boom. For banks, the competition for Anthropic's credit facility is not just a lending business. If Anthropic eventually goes public, those who achieve higher rankings in pre-IPO financing arrangements may occupy more advantageous positions in future capital market transactions worth hundreds of billions of dollars or more. For Wall Street, the AI boom is spreading further from "selling chips and building data centers" to "providing financing for the massive capital needs of AI companies"—and Anthropic is becoming one of the most representative cases of this trend. ### Related Stocks - [ANTH.NA](https://longbridge.com/en/quote/ANTH.NA.md) - [OpenAI.NA](https://longbridge.com/en/quote/OpenAI.NA.md) - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [BCS.US](https://longbridge.com/en/quote/BCS.US.md) - [C.US](https://longbridge.com/en/quote/C.US.md) - [GS.US](https://longbridge.com/en/quote/GS.US.md) - [JPM.US](https://longbridge.com/en/quote/JPM.US.md) - [RY.US](https://longbridge.com/en/quote/RY.US.md) - [MUFG.US](https://longbridge.com/en/quote/MUFG.US.md) - [8306.JP](https://longbridge.com/en/quote/8306.JP.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) - [BARC.UK](https://longbridge.com/en/quote/BARC.UK.md) - [C-R.US](https://longbridge.com/en/quote/C-R.US.md) - [W4VR.SG](https://longbridge.com/en/quote/W4VR.SG.md) - [JPM-M.US](https://longbridge.com/en/quote/JPM-M.US.md) - [JPM-C.US](https://longbridge.com/en/quote/JPM-C.US.md) - [JPM-D.US](https://longbridge.com/en/quote/JPM-D.US.md) - [JPM-L.US](https://longbridge.com/en/quote/JPM-L.US.md) - [8634.JP](https://longbridge.com/en/quote/8634.JP.md) - [JPM-K.US](https://longbridge.com/en/quote/JPM-K.US.md) - [JPM-J.US](https://longbridge.com/en/quote/JPM-J.US.md) ## Related News & Research - [Anthropic's IPO: Is Wall Street Ready for a $2 Trillion AI Bet?](https://longbridge.com/en/news/296229187.md) - [Anthropic’s Annualized Revenue Hits $65 Billion](https://longbridge.com/en/news/296238538.md) - [Anthropic Hits $65 Billion Annualized Revenue Run Rate as Claude Drives Explosive Growth Ahead of Potential IPO: Report](https://longbridge.com/en/news/296192525.md) - [Anthropic defends and explains its AI watermarking feature](https://longbridge.com/en/news/295979479.md) - [Anthropic CEO Borrowing a Page From Mark Zuckerberg and Elon Musk's Playbook? 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