It is literally not real money. It is the value of shares that anthropic owes to its lenders. In the event its market value crashes, so does the majority of that debt.

These notes can eventually convert into company shares. Anthropic's valuation increases dramatically. The value of the investors' conversion rights increases too. Accounting rules require Anthropic to recognise that increase as an expense. In other words, Anthropic's rising valuation can actually create a reported accounting loss. An important distinction: This is not necessarily money leaving Anthropic's bank account. It is a non-cash accounting adjustment reflecting the increased value of financial obligations tied to future shares. Think of it this way: You borrow money and agree that the lender can convert the debt into shares in your business. Your business becomes much more valuable. Those conversion rights become more valuable to the lender. You now have a larger accounting liability, even though you haven't paid the lender anything extra in cash. That's broadly what happened.