Anthropic IPO Coming Soon

Anthropic is closing in on a $15 billion revolving credit facility, according to people familiar with the matter cited by Bloomberg.¹ That's one more box checked before the Claude maker's public listing. It's also six times the $2.5 billion line the company locked in last year, and well past the roughly $10 billion target reported back in August.² Morgan Stanley is leading the process. Goldman Sachs, JPMorgan Chase, and Citigroup hold prominent roles too, and Bloomberg reports the same four banks are leading the IPO itself.¹

The ask is tiered. Anthropic's most active lenders are being asked for about $1.25 billion each, with a second tier around $1 billion and everyone else settling for $750 million or less.³ Barclays, Wells Fargo, Bank of America, Deutsche Bank, Royal Bank of Canada, and UBS are all expected to join in, part of a syndicate that reportedly runs 17 banks deep.⁶ The whole setup borrows from SpaceX, which grew its own revolver from $1.5 billion to $5 billion in May, about a month before it went public.⁵ That IPO raised $75 billion and priced the company at $1.77 trillion, the biggest debut in market history.⁴ Anthropic is reportedly hoping to match that number or top it.⁵

The banks have reasons to line up. Anthropic's annualized revenue crossed $65 billion in August, more than seven times where it sat at the end of 2025.⁶ It was running at $14 billion when the company closed its $30 billion Series G in February, then jumped to $47 billion by the time a $65 billion Series H round pushed its valuation to $965 billion in May.⁷ ⁸ Some investors are already floating a public valuation north of $2 trillion.⁵

The timeline has shifted right alongside the financing. Reuters reported Friday that Anthropic's IPO marketing won't start before mid-October, with the listing landing just days ahead of the November midterms.⁹ Anthropic says it's using the extra weeks to finish financing and paperwork, not because anything about the plan has changed. Neither the company nor its banks have confirmed a date publicly.⁹

The $15 billion facility is small change next to what Anthropic is actually spending. It has committed more than $100 billion to Amazon Web Services over the next decade for compute, and it's reportedly negotiating a five-year Google Cloud deal worth close to $200 billion.¹⁰ ¹¹ Meanwhile OpenAI is weighing broad price cuts to slow Anthropic's enterprise gains, and DeepSeek has permanently slashed its own token prices by 75 percent.¹² Anthropic hasn't followed all the way down. Its top model, Opus, still runs $5 and $25 per million tokens, several times DeepSeek's cheapest rate.¹³