Anthropic pre-IPO credit facility set to exceed $10 billion target

Anthropic PBC is preparing for a major initial public offering, expected later in 2026, by expanding its pre-IPO revolving credit facility past its $10 billion target. To insulate co-founders like CEO Dario Amodei, who holds a 2% stake, from shareholder pressure, the public benefit corporation plans to implement a dual-class stock structure with supervoting rights. The company is also projecting massive growth, with 2028 revenue targets of $190 billion to $200 billion.

Pre-IPO credit facility expansion

• ▪Banks are competing for roles in Anthropic PBC's upcoming initial public offering by seeking to participate in the expanded revolving credit facility.
• ▪Anthropic PBC's revolving credit facility is expected to exceed its target of approximately $10 billion as the artificial intelligence firm prepares for an initial public offering.
• ▪Anthropic PBC has requested active banks to commit approximately $1.25 billion each to its credit facility, with second-tier lenders asked for $1 billion and less active roles at $750 million or less.

Dual-class voting structure for founders

• ▪Anthropic PBC plans to grant CEO Dario Amodei and other co-founders a class of stock with extra voting power to insulate them from external shareholder pressure.
• ▪The proposed dual-class voting structure at Anthropic PBC is still subject to change, and the specific details of the voting arrangements have not been finalized.
• ▪Anthropic PBC CEO Dario Amodei owns approximately 2% of the company, which is a relatively small ownership stake compared to founders of other major technology firms.

IPO timeline expectations

• ▪Anthropic PBC confidentially filed for a United States initial public offering in June 2026.
• ▪Anthropic PBC is preparing for a potential initial public offering that is expected to take place later in 2026.

Revenue projections through 2028

• ▪Anthropic PBC is projecting annual revenue of approximately $190 billion to $200 billion by the year 2028.
• ▪Anthropic PBC's annual revenue run rate exceeded $65 billion by the end of July 2026.

Public benefit corporation governance structure

• ▪Anthropic PBC is legally structured as a public benefit corporation, which requires the company to balance commercial success with social and public benefits.
• ▪Anthropic PBC utilizes an independent oversight body known as the Long-Term Benefit Trust to ensure the startup delivers on its public benefit mission.
• ▪Anthropic PBC plans to maintain its existing body of non-shareholder trustees, who use a special class of stock to elect a majority of the company's board of directors.

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