Anthropic's Pre-IPO Credit Facility Surpasses $10 Billion as Banks Compete for Underwriting Roles

Anthropic's pre-IPO credit facility set to exceed $10 billion, Bloomberg News reports

Aug 18 (Reuters) - Anthropic's revolving credit facility is expected to exceed its roughly $10 billion target, Bloomberg News reported on Tuesday, as the AI lab prepares for what could be one of the biggest public listings on record. Banks are jockeying for a piece of the expanded credit line, hoping the involvement will strengthen their case for ⁠a role in the IPO, Bloomberg said, citing people familiar with the matter. Anthropic has asked the banks most active in arranging the credit facility to commit about $1.25 billion each, with a second tier of active lenders encouraged to offer around $1 billion, Bloomberg said. Commitments for less active roles would fall to ⁠about $750 million or less. The talks are ongoing and Anthropic could decide to limit the size of the revolver to the target or even below, according to Bloomberg. Anthropic, ⁠which confidentially filed for a U.S. initial public offering in June, did not immediately respond to a Reuters request for ⁠comment. The company behind the Claude chatbot, Anthropic, is projecting 2028 revenue of roughly $190 billion to $200 billion, Reuters ⁠exclusively reported on Friday. Its annual revenue run rate topped $65 billion by the end of July. Reporting by Juby Babu in Mexico City; Editing by Maju Samuel Our Standards: The Thomson Reuters Trust Principles., opens new tab

Anthropic pre-IPO credit facility set to exceed $10 billion

Anthropic is assembling a revolving credit facility expected to surpass its roughly $10 billion target, as the AI company moves toward a public listing, according to Reuters. Banks are competing for a share of the expanded credit line, viewing involvement as a way to bolster their standing when Anthropic selects underwriters for its IPO, according to Reuters, citing Bloomberg News. The company behind the Claude chatbot confidentially filed for a U.S. initial public offering in June. The structure of the facility assigns different commitment levels based on a bank's level of involvement. Banks taking the most prominent arranging roles have received requests for commitments of about $1.25 billion apiece, with those in a secondary tier being guided toward roughly $1 billion. Banks with smaller roles in the deal are expected to contribute somewhere below $750 million. The talks remain ongoing, and Anthropic could still opt to cap the facility at its original target or even below it.

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Anthropic's revolving credit facility is set to exceed its approximately $10 billion target, as the artificial intelligence company lays the groundwork for its highly anticipated initial public offering. The potential expansion has banks looking to secure a role in the credit facility and potentially strengthen their chances of winning an underwriting mandate for the Claude chatbot maker's IPO, sources familiar with the matter told Bloomberg. While the size of the credit facility has yet to be finalized, plans could ultimately change. Anthropic could keep the revolver at its original target or scale it back below $10 billion, sources added. Morgan Stanley, Goldman Sachs and JPMorgan are reportedly working on Anthropic's IPO and Anthropic has been holding discussions with investors in recent weeks. Earlier this month, it was reported that Anthropic was seeking new financing to increase the company's existing $2.5 billion five-year revolving credit facility, obtained from lenders last year. Morgan Stanley, Barclays Plc, Citigroup, Goldman Sachs, JPMorgan, Royal Bank of Canada and Mitsubishi UFJ Financial Group participated in the credit facility last year, CNBC reported. Markets HarbourVest Buys $1 Billion of UC Investments' Private Equity Stakes The University of California offloaded $1 billion of private equity stakes to HarbourVest Partners at a discount of more than 10%. 2 min read Read this article A revolving credit facility gives companies access to funds that can be borrowed, repaid and borrowed again as needed, providing financial flexibility without requiring immediate use of the full amount. Latest Private Market Opportunities Join 400,000+ Investors Expanding credit facilities before an IPO is a common move for companies preparing to enter public markets. The same banks that extend these credit lines often serve as underwriters for the share sale. Elon Musk's Space Exploration Technologies Corp (NASDAQ:SPCX) followed a similar approach, increasing its credit facility with several of its IPO bankers roughly a month before its June public offering. AI-related debt financing will reach $4.1 trillion through 2030, according to a recent analyst report from JPMorgan. That's up from previous estimates, as hyperscalers, data center developers, and chip buyers scramble to fund an unprecedented wave of capital spending. The forecast comes as AI-related debt issuance has already surpassed $300 billion in 2026, with data center borrowing emerging as one of the biggest drivers of corporate credit markets this year. JPMorgan is also projecting AI capital expenditures to reach $5.5 trillion through 2030, up from a prior estimate of $5.1 trillion. The increase reflects expectations for 138 gigawatts of data center capacity growth by the end of the decade, compared with a previous forecast of 122 gigawatts. The bank noted that developers are finding creative ways to address power constraints through behind-the-meter power agreements, bring-your-own-power solutions and more efficient computing infrastructure. Markets Cybersecurity Deals Fall 28% as Investment Climbs to $22.3 Billion Private equity and venture capital investors put more money into cybersecurity even as the number of deals decline. 3 min read Read this article Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.