A loan that can later turn into shares, so early backers are repaid in equity rather than in cash.
可转换债券
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $104bn | The market did not cut Anthropic's valuation. It asked for a price. 可转换债券 · 第 5 张术语卡 | The notes explain the $104 billion loss: as the company's value rose, the shares they will become rose with it. 可转债对发行方的好处是不必现在还款、利息更低；代价是它的负债金额要随股价或估值波动。估值涨，转股价值涨，负债在账上变大，差额进利润表——于是公司越成功，账面亏损越大。这是会计把好消息记成坏数字的典型场景。 |
| $72.4bn | Anthropic's $80 billion loss is a mirror of its valuation 可转换债券 · 第 2 张术语卡 | $72.4 billion of the $80.7 billion net loss comes from revaluing these notes. 未上市公司常用可转债、SAFE 这类工具融资：先给钱，等下一轮或上市时按约定折价转股。会计上要按公允价值计量，公司估值越高，这笔负债越贵——于是出现「越成功、账上越亏」的怪现象。它不是现金流出，但会真实稀释老股东。 |
“The notes explain the $104 billion loss: as the company's value rose, the shares they will become rose with i…”
“$72.4 billion of the $80.7 billion net loss comes from revaluing these notes.”