[tim333]

If you read that link you posted you'll see "what the investor buys is not debt, but something more like a warrant. So there is no need to fix a term or decide on an interest rate"

Warrants just give the investor the right to purchase equity at a given price some time. They are not debt.

[jsprogrammer]

I did read the link, which is why I posted it. If you read it, you'll see that PG is essentially just renaming debt to get around CA regulations.

No matter what it's called: loan, debt, warrant, convertible note, SAFE, it's an instrument that attaches to future earnings.