Anthropic Secures $2.5 Billion Credit Facility Amid Soaring AI Demand

Anthropic closes $2.5 billion credit facility as Wall Street continues plunging money into AI boom

Dario Amodei, Anthropic's CEO, speaking on CNBC's "Squawk Box" outside the World Economic Forum in Davos, Switzerland, on Jan. 21, 2025. Earlier this week, Anthropic received a $2.5 billion, five-year revolving credit line to amp up its liquidity in an ever-expanding -- and expensive -- competition in the artificial intelligence industry. Anthropic, founded by former OpenAI research executives, launched its Claude chatbot in March 2023. The company closed its latest funding round in March at a $61.5 billion valuation, and the new credit facility adds to that. The company said it plans to use it to strengthen its balance sheet and invest as it scales rapidly. Annualized revenue reached $2 billion in the first quarter, the company confirmed, more than doubling from a $1 billion rate in the prior period. Revenue chief Kate Jensen said in a recent interview with CNBC that the number of customers spending more than $100,000 annually with Anthropic jumped eightfold from a year ago.

Anthropic raises $2.5B in debt to finance growth investments - SiliconANGLE

The loan is structured as a revolving credit facility. Standard debt financing deals require the borrower to pay back the funds in a fixed number of installments. A revolving credit facility, in contrast, has no such requirement. Additionally, the borrower can draw down funds again after repaying the loan. Anthropic's revolving credit facility will run for five years. It's underwritten by Morgan Stanley, Barclay, Citibank, Goldman Sachs, JPMorgan, Royal Bank of Canada and Mitsubishi UFJ Financial Group. Several of those banks also backed a $4 billion revolving credit facility that OpenAI, Anthropic's top rival, raised last year. "This revolving credit facility provides Anthropic significant flexibility to support our continued exponential growth," said Anthropic Chief Financial Officer Krishna Rao. The company previously raised $8 billion from Amazon.com Inc. in the form of convertible notes. A convertible note is a type of loan that can be turned into shares. Amazon turned a sizable portion of Anthropic investment into shares during the first quarter, which was reportedly one of the reasons its earnings per share surpassed analyst expectations. In conjunction with the announcement of its revolving credit facility, Anthropic disclosed today that its annualized revenue topped $2 billion in the first quarter. That represents a year-over-year increase of more than 100%. In the same time frame, the number of customers that pay at least $100,000 for Anthropic's AI models jumped eightfold. The company regularly launches new products to maintain its sales growth. Earlier this month, Anthropic updated the application programming interface that customers use to integrate its LLMs into their software. The company added a tool that allows its LLMs to search the web if the information requested by a user isn't readily available. Pricing starts at $10 per 1,000 searches. A few weeks earlier, Anthropic debuted a new Max plan for its Claude chatbot. It's available in two editions priced at $100 and $200 per month, respectively. They offer usage caps up to 20 times higher than the most affordable paid Claude tier. Anthropic's largest competitors are experiencing rapid sales growth as well.

Anthropic Snags $2.5 Billion Credit Line as AI Demand Rises | PYMNTS.com

Anthropic received a $2.5 billion, five-year revolving credit facility earlier this week to pay for upfront costs as demand for artificial intelligence ratchets up. The credit facility adds to Anthropic's momentum following its March funding round, which valued the company at $61.5 billion, CNBC reported Friday (May 16). The funding will support the company's rapid expansion and efforts to strengthen its balance sheet. The AI startup behind the Claude family of AI models confirmed that annualized revenue reached $2 billion in the first quarter, double what it posted in the prior period, the report said. Anthropic Head of Revenue Kate Jensen told CNBC in an earlier interview that the number of customers spending more than $100,000 a year with Anthropic rose eight-fold from a year ago, according to the report. "This revolving credit facility provides Anthropic significant flexibility to support our continued exponential growth," Anthropic Chief Financial Officer Krishna Rao said in a statement, per the report. "The backing of these global financial institutions is a testament to the strength of our business and the resonance of our mission." The credit facility saw participation from major global banks, including Morgan Stanley, Barclays, Citibank, Goldman Sachs, J.P. Morgan, Royal Bank of Canada and Mitsubishi UFJ Financial Group, the report said. OpenAI also snagged a revolving credit line of $4 billion in October, with an option to extend it by $2 billion, for a total liquidity of more than $10 billion, according to the report. The facility came shortly after it closed a funding round that valued it at $157 billion at the time. During the announcement of its March funding round, Anthropic said it planned to use the investment to "advance its development of next-generation AI systems, expand its compute capacity, deepen its research in mechanistic interpretability and alignment, and accelerate its international expansion." The company also said at the time that it plans to make further progress in its AI systems' coding abilities and is focused on developing systems that "can serve as true collaborators, working alongside teams to tackle complex projects, synthesize information across fields, and help organizations achieve outsized impact." It was estimated this month that AI companies' need for funding to build data centers for their models could require more than $1.8 trillion in funding over the next decade.