Anthropic nears $15 billion credit facility ahead of possible IPO

Anthropic, the developer of the Claude AI chatbot, is nearing a $15 billion revolving credit facility ahead of a potential U.S. IPO, a step up from the $2.5 billion line it secured last year and above its roughly $10 billion initial target. Morgan Stanley is leading the financing, with major banks including Goldman Sachs, JPMorgan Chase, and Citigroup, and additional participation expected from institutions such as Barclays, Wells Fargo, Bank of America, Deutsche Bank, RBC, and UBS. The deal comes as Anthropic’s growth accelerates with rising demand for Claude and after large recent fundraising rounds that valued the company at about $965 billion. Executives have also signaled a focus on performance and business value rather than cutting AI prices just to win market share. Analysts say the revolver functions mainly as a liquidity backstop that can reduce perceived financing risk during IPO due diligence and potentially shape how much fresh capital the company must raise versus sell from existing shareholders.