Caroline Hyde

We're seeking billions of that.

How much more debt are you going to have to take on to fuel the growth?

So, you know, we're we've been very creative about how we kind of look at the capital markets, making sure that we can execute on our plan for the in the most cost effective way.

And so, you know, we issued eight and a half billion dollars worth of bonds at a minus rate.

of A minus paper because of the quality of our counterparties.

And that was a tremendous reduction in our weighted average cost of capital.

And then we came back yesterday, we did the largest dual offering ever.

And that was both the convertible note that we issued as well as a tranche of high yield, you know, really positioning us well for the capital requirements.

And it's just the oversubscription to these tools that we're bringing into market, to the paper that we're bringing to market, really provides tremendous transparency to us, to our investors, to our clients,

about how much access we are going to be given to capital as we continue to execute on this strategy.

And people are really confident the cost of capital keeps coming down in our ability to kind of drive the compute that is so dear to all of these model creators and people who are producing product for artificial intelligence.

As the cost of capital comes down a tad more, how much more money do you need to get from the debt markets, Michael?

Yeah, so look, our strategy continues to be success-driven, right?

And so we go out and we execute a contract like the one we just did with Meta.

And now with that contract in hand, we will go into the capital markets and we will raise debt that will be at a very low cost of capital to be able to build the infrastructure to deliver on that contract.

Each of our contracts are profitable and drive wonderful return and

At the parent co, we're just looking to continue to scale into this unique opportunity to kind of build an enormous company that is instrumental in delivering infrastructure to the world.

How much does Anthropic need?

So we're not at liberty to speak to the size of that contract.

It is a multi-billion dollar contract, but really much more importantly than that, from our perspective, this is the first contract that we've executed with them.