Contracted backlog (RPO) · demand visibility
RPO (latest)
$2.4B
2026-06-28
Coverage
0.1×
RPO ÷ revenue
Backlog YoY
−9%
contracted growth
Expectations vs reality · what the price requires, beside what demand is doing
Price requires (reverse-DCF)
—/yr
Demand is doing
RPO (backlog) growth−9% · $2.4B
Revenue growth26% · $23.2B
Capex growth27% · $966M
AI-capital-cycle reflexivity (cohort-wide)
42%of Big-5 capex returns as NVDA Data-Center revenue
Depreciation-life sensitivity · is the margin flattered by a long server life?
Implied life
12.3y
gross PP&E ÷ D&A
Shorter server life, lower margin · display-only.
Diagnostics only · never a score.
