Anthropic is preparing to expand its borrowing capacity beyond a targeted $10 billion, adding another layer of financing to the artificial intelligence boom as the Claude maker lays the groundwork for a potential blockbuster initial public offering.
The company is in discussions with banks over a revolving credit facility that could exceed its original $10 billion target, according to people familiar with the matter cited by Bloomberg. The final size has not been determined and could still remain at $10 billion or be reduced, the sources said.
The move would give Anthropic access to a substantial pool of capital that it could draw, repay, and borrow again as needed, providing liquidity as it continues to spend heavily on computing infrastructure, model development, and other costs associated with scaling its AI business.
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The financing discussions also carry significance for Wall Street banks. Lenders seeking a place in Anthropic’s expanded credit facility could improve their prospects of securing roles in what could become one of the largest technology IPOs in years. Morgan Stanley, Goldman Sachs and JPMorgan are reportedly working with Anthropic on the planned listing, while the company has recently held discussions with prospective investors.
Anthropic previously secured a $2.5 billion five-year revolving credit facility from a group of lenders including Morgan Stanley, Barclays, Citigroup, Goldman Sachs, JPMorgan, Royal Bank of Canada and Mitsubishi UFJ Financial Group. Expanding that facility would substantially increase the company’s financial flexibility ahead of a potential public offering.
Anthropic is entering the public markets at a point when investors are paying closer attention to how AI companies finance their extraordinary growth. Unlike more mature software companies, leading AI developers require enormous amounts of computing capacity, much of it backed by expensive Nvidia processors and data-center infrastructure.
A larger credit facility could therefore serve as a bridge between Anthropic’s current private-market funding model and the deeper capital markets available after an IPO. It could also provide the company with additional liquidity without requiring it to immediately issue more equity.
There is precedent for the strategy. SpaceX expanded its credit facility with several banks involved in its planned IPO roughly a month before its June public offering. Such arrangements can strengthen relationships between companies and investment banks at a critical stage of the IPO process.
The broader financing environment shows why Anthropic’s borrowing needs are becoming increasingly significant. JPMorgan estimates AI-related debt financing could reach $4.1 trillion through 2030, up from its previous forecast, as hyperscalers, data-center operators and chip buyers seek to finance the infrastructure required to support AI workloads.
AI-related debt issuance has already surpassed $300 billion in 2026, according to the bank, making data-center financing one of the most important sources of new corporate borrowing this year.
JPMorgan also expects AI capital expenditure to reach $5.5 trillion through 2030, up from its previous estimate of $5.1 trillion. The revised forecast is based partly on expectations that global data-center capacity will expand by 138 gigawatts by the end of the decade, compared with an earlier estimate of 122 gigawatts.
That spending boom is forcing companies across the AI ecosystem to look beyond traditional equity financing. Developers are increasingly using structures such as behind-the-meter power agreements, bring-your-own-power arrangements and more efficient computing systems to overcome constraints on electricity and infrastructure.
For Anthropic, the challenge is more than simply securing enough money to fund growth. The company must convince prospective public-market investors that the revenue generated by its AI models will eventually grow faster than the enormous cost of computing, training, and inference.
That makes the proposed credit facility an important signal of the capital intensity behind the AI race. A multibillion-dollar borrowing capacity would give Anthropic greater room to invest before an IPO, but it would also increase the financial obligations attached to a business whose long-term profitability is still being established.
The potential facility therefore indicates that in the AI industry, the race to build powerful models is becoming not only a technology competition but also a massive financing exercise. That is why banks, private credit investors and public-market investors are increasingly being asked to fund the infrastructure required to sustain it.