Anthropic is moving closer to a public stock offering that could reshape the AI industry. The company, maker of the Claude chatbot and one of OpenAI's closest competitors, is set to finalize a $15 billion revolving credit facility, up from a roughly $10 billion target, according to Bloomberg.

🚨HUGE: Anthropic is set to finalize a $15 BILLION pre-IPO credit facility, 6x larger than the $2.5 BILLION it secured last year. Morgan Stanley is leading the loan, with Goldman Sachs, JPMorgan, Citi, Barclays and Wells Fargo all in key roles. Anthropic filed its confidential… pic.twitter.com/8bXejRZ5z7

— Coin Bureau (@coinbureau) September 4, 2026

Bank Lineup for Credit Facility and IPO

Morgan Stanley is leading the credit facility process. Goldman Sachs, JPMorgan Chase, and Citigroup also have prominent roles. All four banks are also expected to lead Anthropic's upcoming IPO.

Other banks involved include Barclays, Wells Fargo, Bank of America, Deutsche Bank, Royal Bank of Canada, and UBS.

The new credit line is a major step up from the $2.5 billion five-year facility Anthropic secured last year. Such pre-IPO credit lines are a common step for large companies preparing to go public, giving them working-capital flexibility before equity markets open up to them. Details could still change before the deal is finalized.

IPO Could Be the Biggest Ever

Anthropic confidentially filed its Form S-1 with the SEC weeks ago. The company is expected to make its prospectus public after Labor Day, with an IPO planned for late September or October.

Reports suggest Anthropic could aim to raise $100 billion, which would surpass SpaceX's $86 billion raise and become the largest IPO on record. A listing of this scale would also rank among the largest technology public debuts ever, and its prospectus would be one of the first detailed public looks at the finances of a top-tier AI lab.

Its most recent private funding round this spring valued the company at $965 billion. With a successful IPO, Anthropic is targeting a market cap of $2 trillion.

The company has already raised more than $130 billion through private funding rounds.

Revenue Growth and Compute Deals

Anthropic's revenue run rate reached $65 billion in July, six times higher than it was a year earlier. That pace of growth reflects the broader surge in enterprise and consumer spending on AI services over the past year.

To keep up with demand, Anthropic has signed a series of large compute deals. It secured an agreement with Amazon for 5 gigawatts of computing power. It also signed a deal with Google and Broadcom for another 5 gigawatts of Tensor Processing Unit capacity.

Anthropic has a GPU deal with SpaceX and signed agreements with two Nvidia-backed cloud providers. Its deal with Nscale is worth $45 billion for 460 megawatts of compute, while its Lambda deal is worth $35 billion.

The scale of these commitments mirrors the compute race underway across the AI industry, where leading labs are locking up capacity years in advance to train and serve ever-larger models.

The company is framing its total addressable market at $30 trillion.

Claude at the Core of the Strategy

Anthropic's Claude chatbot sits at the center of its commercial strategy. Revenue from Claude has driven the rapid growth the company is now using to attract public investors.

The IPO will give Anthropic access to fresh capital to fund its infrastructure build-out. With the stock market currently at high valuations, the timing is seen as favorable for a large public offering.

Key milestones ahead include the public release of the prospectus, final pricing terms, and how the deal's reception shapes the path for other AI companies weighing their own listings.

Anthropic's prospectus is expected to go public shortly after Labor Day, which falls on September 7 this year.