Investors or a company may prefer one type of financing over another for different reasons.

“They raised some preferred equity, they raised some converts, um, they raised some SAFes. And along the way, there's different reasons that certain investors or the company might prefer one or the other.”

“When it comes to strategic investors, there's even more reasons why they might prefer one or the other. And I think it's, it's very well known that some of the strategic investors, Amazon and Google in particular, were very large investors and very big owners of Anthropic early on, right?”