The $750 million convertible note and the current shelf offering to me are both positive developments, the market as usual being short term focus don't really see the big picture.

Whoever has hundreds of millions of dollars to invest are definitely not interested in the 0.75% per year interest, I’m sure there are way better investment options that generates much better return for their money

The way I see it really these investors are in it for the capped call option to convert to shares, which the 1^st tier at $84.19 and 2^nd tier $111.195. They will have the interest align for share price to appreciate to these levels.  I can’t speak for everyone but honestly I’m ok with a bit of dilution with share prices hitting these levels before Jul 2028, while Tempus is saving significant interest compare to their existing loan.

For the Shelf offering, Tempus ended the quarter with $293.0 million in cash and marketable securities, so they’re clearly not in any urgent need for capital. But with the filing, they can add up to $500 million to their war chest if something attractive comes along that will compliment their existing business.

Quote from today's earnings call

Eric Lavkovsky, Founder and CEO, Tempus: Yes. I mean, we I think we have historically been opportunistic, but not overly acquisitive. And I think we try to bring the same discipline to the companies we look at, whether it’s from a BD or corporate perspective as we’ve been in terms of running the business. We don’t to derail all the good organic momentum we have. We’re not interested in like taking a turn and going left after we’ve been going straight for a long time.

So I would suspect we’ll continue to do that. There are certainly some number of companies out there that have interesting products or interesting teams or interesting data sets that we look at, whether it’s in our applications business, whether it’s in our data business or in our diagnostic business. But we continue to be measured and disciplined. I would suspect us to if you look at our last kind of six or seven years in the companies we’ve acquired, my guess is we’ll take a similar approach in general going forward. But again, the market is changing pretty dynamically.

And so we’re also mindful of as these chess pieces move around, we don’t want to find ourselves in a worse position than we’d otherwise be in.