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Axon Enterprise priced $1 billion of zero-coupon convertible notes, a financing move that analysts are examining for its true economic cost despite carrying no stated interest rate. The offering adds to the company's capital-raising activity as it funds growth initiatives. Zero-coupon structures can obscure financing costs since investors are compensated through a discounted purchase price rather than periodic interest, prompting scrutiny of the deal's implications for Axon's balance sheet and dilution risk.