Anthropic Nears $15 Billion Credit Facility as Claude Maker Prepares for Possible IPO

Anthropic is finalizing an expansion of its revolving credit facility to $15 billion, according to people familiar with the matter cited by Bloomberg. The financing would give the Claude maker a much larger pool of committed capital before an anticipated public filing, with the facility exceeding an earlier target of roughly $10 billion.

Morgan Stanley is leading the upsized revolver, Ground reported while summarizing the Bloomberg account. Anthropic already secured a $2.5 billion, five-year revolving credit facility last year, according to PYMNTS. The new arrangement represents a major increase in borrowing capacity as the company prepares for a transition from private-market fundraising to public-market scrutiny.

The facility is being assembled as Anthropic clears a financing step ahead of its expected IPO filing. Bloomberg described the credit line as part of the company’s preparations for going public, while Yahoo Finance placed Anthropic in a crowded prospective technology listing group that includes SpaceX and OpenAI.

A large revolver gives Anthropic access to capital without requiring an immediate equity sale. That flexibility matters for a company carrying substantial computing, research and infrastructure costs, although the reports do not specify the facility’s interest rate, covenants, draw schedule or intended uses. Forge’s company timeline lists a confidential filing in June 2026, while other coverage describes the public filing as anticipated rather than completed.

Anthropic’s financing push reflects the cost of competing in frontier AI, where model training, data-center capacity and enterprise deployment require large, recurring commitments. Ground cited annualized revenue above $65 billion, a figure that would help explain lenders’ willingness to support a facility larger than the company initially sought.

The company has also been linked to much larger private-market valuation figures. Coverage from Intellectia described a possible $60 billion IPO at a valuation near $380 billion, while other accounts cited a $350 billion valuation and earlier fundraising activity. Those figures are not terms of the credit facility, and the lack of a completed public filing leaves the eventual IPO size and valuation unsettled.

Anthropic’s planned financing arrives during a broader rush to fund AI infrastructure and public listings. Bloomberg separately reported that Nscale, an AI cloud company, is seeking as much as $3.5 billion before its own IPO. Nscale also agreed to supply at least $3.5 billion in cloud capacity to robotics company Figure, illustrating how AI financing increasingly combines capital raising with long-term computing commitments.

The capital race extends beyond model developers. Separate coverage in the source set focused on Broadcom’s AI sales outlook, Chinese companies seeking Huawei chips and DeepSeek developing an AI processor. Those stories do not describe Anthropic’s facility, but they show the surrounding pressure: AI companies are competing for financing, chips and compute at the same time.

The credit facility will give investors an early signal about Anthropic’s financing needs, lender confidence and exposure to AI infrastructure costs. Its final size is meaningful, but the terms will matter just as much. Drawn debt, borrowing costs, restrictions on additional financing and commitments to cloud providers would shape the risk profile presented in an IPO filing.

Investors will also look for confirmation of revenue, cash use and valuation claims that have circulated across private-market coverage. Yahoo Finance said Anthropic could join a wave of major technology offerings, while Forge tracked a confidential filing. Until Anthropic files publicly, the timing, share sale size and final valuation remain subject to change.

Anthropic’s next concrete milestone is the completion of the expanded credit facility and the company’s public filing, if and when it proceeds. A $15 billion revolver would strengthen its liquidity position and give management more room to fund computing and operations during the IPO process.

The arrangement also raises the standard for disclosure. Public investors will receive a closer look at Anthropic’s revenue growth, capital expenditures, obligations to infrastructure partners and path to profitability. The company’s ability to turn strong demand for Claude into durable cash generation will matter more than the headline size of its financing.