Anthropic is close to finalising an expansion of its revolving credit facility to $15 billion, according to people familiar with the matter, clearing a key hurdle before the AI company files publicly for its highly anticipated IPO.
Morgan Stanley (NYSE:MS) is leading the process, with Goldman Sachs, JPMorgan Chase and Citigroup also holding prominent roles on the facility. The same four lenders are reported to be leading the IPO itself.
Raise seen rivalling SpaceX
The Claude chatbot maker is seeking to raise as much as SpaceX or more in its initial public offering, according to people familiar with the preparations. Companies typically finalise a revolver of this kind before formally notifying banks of their roles in a listing — making the credit facility a signal of IPO timing as much as a financing event in its own right.
Wider banking syndicate
Barclays and Wells Fargo are also expected to take key roles on the loan, with Bank of America, Deutsche Bank, Royal Bank of Canada (TSX:RY) and UBS ranked high in the facility's lineup. Bank of Montreal, BNP Paribas, Crédit Agricole, Mizuho, Mitsubishi UFJ, Sumitomo Mitsui and Toronto-Dominion Bank (TSX:TD) round out the syndicate.
In syndicated loans, a bank's fee income generally scales with its commitment — meaning a higher ranking on the facility can also point to a more active role should the IPO proceed.
Above initial target
The facility would exceed the roughly $10 billion target reported last month. Anthropic had asked the most active lead banks to commit about $1.25 billion each, with the next tier encouraged to offer around $1 billion, and commitments falling to roughly $750 million or lower for less active participants, according to the earlier reporting.
Terms still in flux
Details of the loan could still change, the people said, speaking on condition of anonymity as the information isn't public. Representatives for Anthropic, JPMorgan, Barclays, Wells Fargo and UBS declined to comment; the other banks did not immediately respond to requests for comment.
