**Anthropic’s IPO Accounting Trick**

**Anthropic** used an accounting trick from the **2000 bubble** to prepare for an IPO, hiding expenses through **convertible bonds** repayable at the IPO.

It issued **$108 billion** in bonds. During the dot-com boom, firms paid suppliers, advertising agencies, lawyers and landlords in stock or equity. **AOL** did so for services and ads, while **Lucent**, **Cisco** and **Nortel** used supplier financing involving equity or warrants.

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