"Anthropic's IPO and access to secured funding could significantly reduce financing risk around its AI investment cycle despite more than $417 billion of long-term commitments. An equity raise would add to about $132 billion of cash and short-term investments, while Anthropic's demonstrated use of secured special-purpose vehicles provides another route to funding alongside its $15 billion revolving line of credit. Broader secured debt-market access may materially expand debt capacity even if unsecured investment-grade funding is limited near term, supporting a stronger credit profile despite the scale of future spending." - Bloomberg Intelligence