--- title: "SEC: what it means · The AI Compute Race · DRYBURGH" source: https://dryburgh.com/vol1/glossary/sec description: "SEC: The Securities and Exchange Commission, with which American listed companies file their reports. Chapter 10." --- # SEC What does “SEC” mean? SECThe Securities and Exchange Commission, with which American listed companies file their reports. *Chapter 10.* From *The AI Compute Race*. [Read the book](https://dryburgh.com/vol1#buy) ## Where the book uses it - [Chapter 10 — The Lender’s Decision](https://dryburgh.com/vol1/notes/chapter-10)Who is lending the money and who bears the loss: the bonds, leases and guarantees behind the largest campuses, and how the paper reaches ordinary retirement accounts. ## Where the record uses it - Campus [Project Matador / HyperGrid](https://dryburgh.com/vol1/ledger/project-matador-hypergrid) ## Sources that use it - Anthropic, “Anthropic confidentially submits draft S-1 to the SEC,” announcement published under Rule 135 of the Securities Act, 1 June 2026 (“Today, Anthropic, PBC confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission for a proposed initial public offering of our common stock”; “The number of shares to be offered and the price have not yet been set”). [In the Sources](https://dryburgh.com/vol1/sources/company#anthropic-draft-s1-jun26) - Holdings of the SpaceX $25 billion senior notes at 30 June 2026, from Form N-PORT filings in SEC EDGAR full-text search and from fund managers’ own holdings pages (EDGAR full-text census of Form N-PORT filings for the five CUSIPs through 31 August 2026, the statutory due date for June-quarter reports: 342 filings, 339 distinct fund series holding $3,571,275,000 of par at 30 June 2026 (14.29 percent of the issue); Vanguard Total Bond Market Index Fund $377,332,000 and Total Bond Market II Index Fund $360,850,000 of par (their own N-PORT filings of 28 August 2026, accessions 0000794105-26-000276 and -000277, carry $371.1 million and $354.8 million of fair value); Vanguard complex $1,050,585,000; Capital Group $545,613,000 across six American Funds; Loomis Sayles $320 million across three trusts; Bridge Builder $168 million; BlackRock Systematic Multi-Strategy Fund $56,795,000; first-party page disclosures located through 30 August 2026: Vanguard VCIT $192.3 million par of the 2033s (31 July); J.P. Morgan JPST $75.0 million of the 2031s (17 July); Capital Group American Funds Multi-Sector Income $67.0 million of the 2036s (30 June); Fidelity FBND $86.1 million across 2031/2033 (9 July); Schwab SCHZ all five tranches, $8.48 million of face and 0.0748 percent of the fund, at 27 August; CUSIPs 84615QAA1/AC7/AE3/AG8/AJ2; the census was run on 31 August 2026 and re-run on 23 September 2026 to take in the thirteen reports filed on the due date itself; the 31 August run had counted 329 filings, 634 position rows, 326 series and $3,410,999,000, and every other figure of this row is from that run unless it says otherwise; the holdings file of Schwab’s aggregate-bond ETF (SCHZ) as of 27 August 2026 carries face amounts and weights and no prices, and its weights put the 2056s about nine percent below the 2031s; the census reads only funds whose fiscal quarter ends in June, since a fund’s public report is for the last month of its quarter: the Vanguard intermediate-corporate index fund (VCIT), J.P. Morgan’s ultra-short ETF (JPST) and Fidelity’s total-bond ETF (FBND), whose own pages are read below, publish theirs for the ends of May and August and are not among the 339, Schwab’s aggregate-bond ETF (SCHZ) filed for 30 June under accession 0001410368-26-085363 and that report carries none of the five CUSIPs, and American Funds Multi-Sector Income’s report for 30 June, accession 0001193125-26-371078, is among them; the Schwab file is SCHZ_FundHoldings_2026-08-27.CSV on schwabassetmanagement.com, re-read on 3 October 2026, and two marks this row once gave from a reading of the live page that day, 97.91 and 93.85, are withdrawn). [In the Sources](https://dryburgh.com/vol1/sources/company#spacex-note-holders) - OpenAI, “Confidential submission of draft S-1 to the SEC,” 8 June 2026 (OpenAI said it had recently submitted a confidential draft S-1, had not decided the timing and that “it may be a while”; the notice’s own words are “We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it”, made “pursuant to Rule 135 under the Securities Act of 1933”; it gives no submission date beyond “recently”, no share count, no price and no underwriter); Yahoo Finance, “OpenAI may delay blockbuster IPO to 2027,” 25 June 2026 (attributing the 2027 possibility to *The New York Times*, whose own report is at neither address here). [In the Sources](https://dryburgh.com/vol1/sources/company#yahoo-ipo-delay) - Alphabet Inc., “Final Terms — 6.125% Notes Due 2126,” SEC filing, February 2026 (£1.0 billion aggregate principal amount of 100-year sterling notes due 2126; five sterling series of £5.5 billion in all, trade date 10 February 2026, the 2126 notes at 120 basis points over the benchmark gilt). [In the Sources](https://dryburgh.com/vol1/sources/filing#alphabet-100yr) - Amazon.com, Inc., “Final Terms — Euro Notes Offering,” SEC filing, March 2026 (€14.5 billion aggregate principal amount, described in contemporaneous reporting as the largest euro corporate bond sale on record; eight tranches, a floating-rate note due 2028 and seven fixed to 2064; the euro offering’s final term sheet is dated 11 March 2026). [In the Sources](https://dryburgh.com/vol1/sources/filing#amazon-bond-eur-mar26) And 10 more: [search the Sources](https://dryburgh.com/vol1/sources). ## Related terms - [10-K, 10-Q](https://dryburgh.com/vol1/glossary/10-k-10-q) - [Backstop](https://dryburgh.com/vol1/glossary/backstop) - [Basis point](https://dryburgh.com/vol1/glossary/basis-point) - [Beignet](https://dryburgh.com/vol1/glossary/beignet) - [Bridge loan](https://dryburgh.com/vol1/glossary/bridge-loan) - [Convertible](https://dryburgh.com/vol1/glossary/convertible) - [Coupon](https://dryburgh.com/vol1/glossary/coupon) - [Covenant](https://dryburgh.com/vol1/glossary/covenant) - [DDTL](https://dryburgh.com/vol1/glossary/ddtl) - [Debt-service coverage](https://dryburgh.com/vol1/glossary/debt-service-coverage) - [ETF](https://dryburgh.com/vol1/glossary/etf) - [Failed sale-leaseback](https://dryburgh.com/vol1/glossary/failed-sale-leaseback) From the glossary of The AI Compute Race. - [Campuses](https://dryburgh.com/vol1/ledger) - [Tests](https://dryburgh.com/vol1/tests) - [Scorecard](https://dryburgh.com/vol1/scorecard) - [Data](https://dryburgh.com/vol1/data/releases) - [Chapter by chapter](https://dryburgh.com/vol1/companion) - [The record at a glance](https://dryburgh.com/vol1/observatory) - [The machine](https://dryburgh.com/vol1/machine) - [One campus, four futures](https://dryburgh.com/vol1/hyperion) - [Glossary](https://dryburgh.com/vol1/glossary) - [People](https://dryburgh.com/vol1/people) - [Sources](https://dryburgh.com/vol1/sources) - [Notes](https://dryburgh.com/vol1/notes) - [Where the book was wrong](https://dryburgh.com/vol1/corrections) - [Where its sources were wrong](https://dryburgh.com/corrections?book=vol1) - [The Paper](https://dryburgh.com/vol1/paper) - [Consent](https://dryburgh.com/vol1/consent) - [Who builds and pays](https://dryburgh.com/vol1/parties) *The AI Compute Race: Five Races, One Machine* is a book by Lee S. Dryburgh, the first volume of THE COMPUTE ECONOMY, published by Dryburgh, an imprint of Contestra OÜ, Tallinn, Estonia; its record closes on 8 November 2026. [About the book](https://dryburgh.com/vol1)[Tell me when it is out](https://dryburgh.com/vol1#notify)