The characterization of the subthreshold, ongoing activity in cortical neurons has been the focus of numerous studies. This activity, described as spontaneous slow waves in membrane potential, has been observed in a span of species in diverse cortical and subcortical areas. We here characterized membrane potential fluctuations in motor and the frontal association cortices cortical neurons of ketamine-xylazine anesthetized rats. We recorded from 95 neurons from a range of cortical depths to unravel the network and cellular mechanisms that shape the subthreshold ongoing spontaneous activity of these neurons. We define a unitary event that generates the subthreshold ongoing activity: giant synaptic potentials (GSPs). These events have a duration of 87 ± 50 ms and an amplitude of 19 ± 6.4 mV. They occur at a frequency of 3.7 ± 0.8 Hz and involve an increase in conductance change of 22 ± 21%. GSPs are mainly due to excitatory activity that occurs throughout all cortical layers, unaffected by the intrinsic properties of the cells. Indeed, blocking the GABAA receptors, a procedure that had a profound effect on cortical activity, did not alter these unitary events. We propose that this unitary event is composed of individual, excitatory synaptic potentials that appear at different levels of synchrony and that the level of synchrony determines the shape of the subthreshold activity.