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<p>Ok Anthropic’s $108B line isn’t a cash expense, it’s a GAAP charge. But the dilution is very real: $6.2B in original notes convert into 1.84B shares which is ~11% dilution on IPO day!!   
That could jump up to 20% dilution if Amazon goes for the full equity cap. Good luck to for IPO buyers.
$ANT $AMZN</p>

Ok Anthropic’s $108B line isn’t a cash expense, it’s a GAAP charge. But the dilution is very real: $6.2B in original notes convert into 1.84B shares which is ~11% dilution on IPO day!!   
That could jump up to 20% dilution if Amazon goes for the full equity cap. Good luck to for IPO buyers.
$ANT $AMZN

Ok Anthropic’s $108B line isn’t a cash expense, it’s a GAAP charge. But the dilution is very real: $6.2B in original notes convert into 1.84B shares which is ~11% dilution on IPO day!! That could jump up to 20% dilution if Amazon goes for the full equity cap. Good luck to for IPO buyers. $ANT $AMZN

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