Anthropic is assembling a revolving credit facility of more than $10 billion ahead of an initial public offering, with banks competing aggressively for allocations because larger commitments can improve their standing for underwriting roles on what could become one of the largest listings in history. Lead institutions are being asked to commit about $1.25 billion each, second-tier participants roughly $1 billion, and smaller lenders about $750 million. The company previously closed a five-year, $2.5 billion revolving credit facility in May 2025 with Morgan Stanley, Barclays, Citibank and JPMorgan. Anthropic confidentially filed an S-1 in June 2026, allowing it to work through U.S. Securities and Exchange Commission review without publicly disclosing full financial details. Its revenue run rate reached $47 billion by mid-May 2026 and has since reportedly surpassed $65 billion, while its Series H funding round valued the company at $965 billion post-money. Expectations for the IPO suggest a valuation that could exceed $2 trillion, though final terms for both the credit facility and the listing have not been confirmed as the loan syndication process continues.