Anthropic plans $15bn credit facility

Anthropic PBC is set to finalize an expanded revolving credit facility totaling $15 billion, marking a significant increase in its available funding. The transaction is structured as a revolving loan, providing the company with flexible access to capital as needed. People familiar with the matter have indicated that the facility is nearing completion, though they also caution that specific terms and allocations may still change.

The proposed $15 billion size stands out against the company’s previously reported internal target of roughly $10 billion. It also represents a substantial step up from the $2.5 billion five-year revolver Anthropic secured last year. The move signals a sharp escalation in the scale of committed financing the company is arranging compared with its prior borrowing.

Morgan Stanley (MS) is leading the process to assemble the new credit facility, placing it at the center of the financing. Goldman Sachs Group Inc. and JPMorgan Chase & Co. (JPM) are described as having prominent roles in the arrangement, with Citigroup Inc. also named among the top banks involved. Barclays Plc and Wells Fargo & Co. are expected to occupy key positions in the loan structure, underscoring strong participation from major US and UK institutions.

Beyond these lead banks, a broad group of global lenders is slated to join the revolver. Bank of America Corp., Deutsche Bank AG, Royal Bank of Canada and UBS Group AG are described as high in the facility’s lineup. Additional participants include Bank of Montreal, BNP Paribas (BNPp), Credit Agricole (ACAp), Mizuho, Mitsubishi UFJ, Sumitomo Mitsui and Toronto-Dominion Bank. This collection of North American, European and Japanese banks highlights the international scale of the financing syndicate.

The planned $15 billion credit line would be far larger than the $2.5 billion five-year facility Anthropic put in place last year. That earlier revolver provided the company with committed funding but at a much smaller scale than what is now being arranged. The new facility would therefore represent a major expansion in the company’s potential borrowing capacity.

Despite the progress, aspects of the deal remain in flux. People familiar with the matter emphasize that details of the loan could still change before it is finalized. Representatives for Anthropic and several of the banks involved have declined to comment on the ongoing process, leaving the final structure, pricing and timing undisclosed for now.