That $85 billion was bonds, and requires ongoing repayments of billions every year in interest payments

And then the $85bn to be repaid too.

I'm referring to the equity offering that started in June and has a second component that starts in 2026Q3. Most of this raise came from the sale of Class A and Class C stock. A fraction came from the sale of convertible stock. To my knowledge, none of this raise came from the sale of bonds.

Also, looks like I got it wrong and they've only raised $45B to date. The rest will come as part of the ATM offering program that begins in Q3.

more details here: https://www.sec.gov/Archives/edgar/data/1652044/000119312526...