Anthropic’s Pre-IPO Credit Facility Tops $10 Billion Target as Revenue Run Rate Hits $65 Billion

Anthropic PBC’s pre-initial public offering revolving credit facility is set to climb above its roughly $10 billion target, according to people familiar with the matter, as the artificial intelligence firm races toward what could be one of the largest market debuts in history.

Banks are jockeying for a piece of the expanding credit line, hoping participation will strengthen their bids for roles in the upcoming IPO. Anthropic has asked the most active lenders arranging the facility to commit about $1.25 billion each, according to Bloomberg News, with a second tier of active lenders encouraged to offer around $1 billion and less active roles falling to roughly $750 million or below. The talks are ongoing and the company could still decide to limit the revolver to the target or even below, the people said.

The expanded credit line comes as Anthropic’s revenue growth accelerates dramatically. The company’s annualized revenue run rate hit $65 billion by the end of July, according to people familiar with the matter — up sevenfold from a run rate of $9 billion in late 2025. Anthropic reported preliminary revenue of more than $11.5 billion in its latest completed quarter, compared with $787 million in the year-ago period. The company also recorded positive adjusted operating income for the quarter, documents show.

Anthropic is projecting 2028 revenue of roughly $190 billion to $200 billion, Reuters exclusively reported on Friday.

The AI lab, maker of the Claude chatbot, confidentially filed for a U.S. IPO in June and is expected to make its Wall Street debut as soon as this fall, ahead of rival OpenAI. Sources at NDTV Profit and Bloomberg News confirmed the timeline.

In parallel, Anthropic is taking steps to insulate its founders from external shareholder pressure ahead of the listing. According to a report from The Information, Anthropic has been preparing to give CEO Dario Amodei and other co-founders a class of stock with extra voting power. The company is also planning to maintain its existing body of non-shareholder trustees with a special class of stock that can elect a majority of board members. Amodei himself owns only about 2% of the company, The Information said, citing a person close to the firm. The specific voting arrangements could not be learned, and plans could still change.

Dual-class voting structures are common among founder-led companies such as SpaceX and Meta. Anthropic is structured as a public benefit corporation with a Long-Term Benefit Trust, an independent oversight body ensuring the company delivers on its public benefit mission.

The credit facility’s growth follows a $2.5 billion five-year facility Anthropic secured last year from banks including Morgan Stanley, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Royal Bank of Canada and Mitsubishi UFJ Financial Group, according to a previous report. Morgan Stanley, Goldman Sachs and JPMorgan are working on the IPO, Bloomberg News has reported. The expanded lending talks come weeks after banks led by Morgan Stanley were in discussions to arrange roughly $15 billion of debt for an Anthropic data-center project in Texas, backstopped by Alphabet’s Google, Bloomberg reported separately.

Anthropic is meeting with investors ahead of its potential mega-IPO, people familiar with the matter said in July. Based on its most recent private funding round, the company was valued at nearly $1 trillion, and according to a Nasdaq report it is targeting a $2 trillion valuation for the IPO. SpaceX, which merged with xAI earlier this year, had the largest IPO on record in June, raising nearly $85.7 billion at a $1.77 trillion valuation.

The AI race has broadly fired up the IPO market. Listings this year have raised $257 billion, the most in a year since 2021, according to data compiled by Bloomberg.

Anthropic declined to comment on the credit facility and IPO plans. The company did not immediately respond to a Reuters request for comment on the supervoting stock arrangements.