Contracted backlog (RPO) · demand visibility
RPO (latest)
$731M
2025-06-30
Coverage
0.0×
RPO ÷ revenue
Backlog YoY
76%
contracted growth
Expectations vs reality · what the price requires, beside what demand is doing
Price requires (reverse-DCF)
—/yr
Demand is doing
RPO (backlog) growth76% · $731M
Revenue growth47% · $22.0B
Capex growth2% · $127M
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
15.2y
gross PP&E ÷ D&A
Shorter server life, lower margin · display-only.
Diagnostics only · never a score.
