According to Business Standard, Anthropic PBC is set to add Citigroup Inc. to the banks working on its initial public offering, joining rivals Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. in the top ranks of advisers on the upcoming deal. The bank would join these established players in the top ranks of advisers, with deliberations ongoing and details subject to change as more banks are expected to be added to the lineup. Citigroup has the top ranking in Bloomberg's US IPO table for 2026, pulling in the most credit from its role on SpaceX's record-setting $86.2 billion debut, including the over-allotment. The addition of Citigroup to the advisory team represents a significant development as Wall Street jostles for roles on the artificial intelligence firm's debut, with representatives for both Anthropic and Citigroup declining to comment on the matter.
According to reports from Bloomberg News, Anthropic PBC is planning to boost its revolving credit facility above its roughly $10 billion target as the artificial intelligence firm prepares for its highly anticipated initial public offering. The Claude chatbot maker's proposed expansion of its revolver is drawing the attention of several banks that are hoping to win roles in Anthropic's IPO, with talks still underway and the company potentially deciding to keep the credit line at around $10 billion or even set it below that target. With a valuation already approaching $1 trillion, market participants are closely watching Anthropic's financial maneuvers as the company prepares for its potential mega-IPO. Citigroup participated in a group of banks agreeing a $2.5 billion revolving credit line with Anthropic last year, and the AI firm's revolver is set to rise above its roughly $10 billion target, as people familiar with the matter confirmed this week.
As reported by Bloomberg News, Anthropic has asked the most active banks leading the credit line to lend about $1.25 billion, with the next level of active banks being encouraged to offer around $1 billion. Commitments drop to roughly $750 million and lower for less active roles, with higher bank commitments generally corresponding to higher fees and more active roles in upcoming deals. The proposed expansion would represent a substantial increase over the $2.5 billion five-year facility Anthropic secured last year, which included participation from Morgan Stanley, Barclays, Citigroup, Goldman Sachs, JPMorgan, Royal Bank of Canada, and Mitsubishi UFJ Financial Group. The development comes weeks after banks led by Morgan Stanley were in talks to line up $15 billion in debt financing for an Anthropic data-centre project in Texas, backed by Alphabet Inc.'s Google, with that package consisting of a $14 billion bridge loan and a revolving credit facility.
According to Bloomberg News, Anthropic's run rate, a metric that projects full-year revenue from a shorter period, hit $65 billion by the end of July. The company reported a preliminary revenue figure of more than $11.5 billion in its latest completed quarter, compared with $787 million in the corresponding period in 2025, with the company also reporting positive adjusted operating income for the quarter. With a market cap approaching $1 trillion, Anthropic is on track to generate annualized revenue of more than $65 billion based on its current performance, up more than sevenfold from its pace at the end of last year. The dramatic acceleration in revenue bolsters Anthropic's plans for a public listing, positioning the company to potentially follow the lead of companies like SpaceX, which expanded its revolving credit facility to $5 billion in May from an earlier $1.5 billion just a month before its record-breaking IPO.
According to Business Standard, Anthropic is considering filing for a listing as soon as the end of this month, with the company and its rival OpenAI having filed confidential paperwork to go public. Anthropic is expected to make its Wall Street debut this fall, ahead of OpenAI. The expanded credit line follows separate discussions around a much larger debt package tied to Anthropic-related data-centre infrastructure, with banks led by Morgan Stanley previously in talks to arrange $15 billion in debt for a Texas data-centre project backed by Alphabet's Google, comprising a $14 billion bridge loan alongside a revolving facility. The AI race has fired up the IPO market, with listings this year raising $257 billion, excluding blank-check firms and other financial vehicles, according to data compiled by Bloomberg. This represents the most raised in a year since 2021, with the AI sector driving significant capital market activity. Landing a top spot working on a large IPO not only promises a bigger share of the fees than the rest of the banks, it also helps bolster a bank's ranking in the league tables, with Citigroup having the top ranking in Bloomberg's US IPO table for 2026.
