Anthropic did not raise $108 billion of debt: it raised about $11 billion in convertible notes, approximately $5 billion of which had converted to equity and $6 billion of which remained outstanding.

“The reality is, is they didn't raise $108 billion of debt. There was about $11 billion in those combined convertible notes. About $6 billion has already been-- or no, $5 billion has been converted to equity.”

“There's 6 billion outstanding. The market value of that 6 billion is 108 billion because the company's value has appreciated meaningfully. And so there's this debate of like, well, they have 108 billion of debt on the balance sheet.”