{
  "name": "RPO and Backlog Coverage Tracker",
  "publisher": "Regards of Wallstreet",
  "url": "https://www.regardsofwallstreet.com/data/rpo",
  "methodology": "https://www.regardsofwallstreet.com/data/rpo/methodology",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "cite_as": "RPO and Backlog Coverage Tracker, Regards of Wallstreet, https://www.regardsofwallstreet.com/data/rpo",
  "definitions": {
    "coverage_years": "Contracted balance divided by trailing twelve month revenue for the same business. Read as years of current sales already under contract.",
    "scope_matched": "True when the contracted balance and the revenue denominator cover the same part of the company. False rows are usable but carry a caveat.",
    "next_twelve_months_usd": "The near-term slice, taken from a disclosed current portion (cRPO) or a disclosed 12-month percentage. Null where the company published neither."
  },
  "last_updated": "2026-08-03",
  "generated_at": "2026-08-06T00:46:05.897Z",
  "aggregates": {
    "companyCount": 11,
    "disclosureCount": 11,
    "contractedUsd": 3287310000000,
    "medianCoverageYears": 3.3423180592991915,
    "disclosesDuration": 2,
    "disclosesNextTwelveMonths": 3,
    "unmatchedScope": 1,
    "widest": {
      "id": "applied-digital-fy2026-q4",
      "entity": "applied-digital",
      "coverageYears": 58.89088827089809
    },
    "narrowest": {
      "id": "palantir-2026-q2",
      "entity": "palantir",
      "coverageYears": 0.7961007311129163
    }
  },
  "entities": [
    {
      "id": "microsoft",
      "name": "Microsoft",
      "ticker": "MSFT",
      "cik": "0000789019",
      "kind": "hyperscaler",
      "aliases": [
        "Microsoft Corporation"
      ]
    },
    {
      "id": "oracle",
      "name": "Oracle",
      "ticker": "ORCL",
      "cik": "0001341439",
      "kind": "hyperscaler",
      "aliases": [
        "Oracle Corporation",
        "OCI"
      ]
    },
    {
      "id": "amazon",
      "name": "Amazon",
      "ticker": "AMZN",
      "cik": "0001018724",
      "kind": "hyperscaler",
      "aliases": [
        "Amazon.com",
        "AWS",
        "Amazon Web Services"
      ]
    },
    {
      "id": "alphabet",
      "name": "Alphabet",
      "ticker": "GOOGL",
      "cik": "0001652044",
      "kind": "hyperscaler",
      "aliases": [
        "Google",
        "Google Cloud"
      ]
    },
    {
      "id": "coreweave",
      "name": "CoreWeave",
      "ticker": "CRWV",
      "cik": "0001769628",
      "kind": "neocloud",
      "aliases": [
        "CoreWeave, Inc."
      ]
    },
    {
      "id": "applied-digital",
      "name": "Applied Digital",
      "ticker": "APLD",
      "cik": "0001144879",
      "kind": "neocloud",
      "aliases": [
        "Applied Digital Corporation"
      ]
    },
    {
      "id": "palantir",
      "name": "Palantir",
      "ticker": "PLTR",
      "cik": "0001321655",
      "kind": "software",
      "aliases": [
        "Palantir Technologies"
      ]
    },
    {
      "id": "servicenow",
      "name": "ServiceNow",
      "ticker": "NOW",
      "cik": "0001373715",
      "kind": "software",
      "aliases": [
        "ServiceNow, Inc."
      ]
    },
    {
      "id": "salesforce",
      "name": "Salesforce",
      "ticker": "CRM",
      "cik": "0001108524",
      "kind": "software",
      "aliases": [
        "Salesforce, Inc."
      ]
    },
    {
      "id": "snowflake",
      "name": "Snowflake",
      "ticker": "SNOW",
      "cik": "0001640147",
      "kind": "software",
      "aliases": [
        "Snowflake Inc."
      ]
    },
    {
      "id": "boeing",
      "name": "Boeing",
      "ticker": "BA",
      "cik": "0000012927",
      "kind": "industrial",
      "aliases": [
        "The Boeing Company"
      ]
    }
  ],
  "disclosures": [
    {
      "id": "applied-digital-fy2026-q4",
      "entity": "applied-digital",
      "period": {
        "label": "FY2026 Q4",
        "end": "2026-05-31",
        "reported": "2026-07-27"
      },
      "metric": "contracted_lease_backlog",
      "scope": "total_company",
      "scope_note": null,
      "amount_usd": 36000000000,
      "kind": "company_stated",
      "yoy_growth_pct": null,
      "prior_period": null,
      "current_portion_usd": null,
      "duration": {
        "weighted_average_years": 15,
        "pct_next_12m": null,
        "pct_next_24m": null,
        "note": "The leases signed in the quarter run 15 years on a take-or-pay basis. Applied Digital does not publish a weighted average across the whole portfolio, so 15 years is the term of the largest tranche rather than a portfolio duration. Read the coverage multiple against that term: 59x trailing revenue over 15-year leases is a company whose revenue has not started yet, not a company with 59 years of visibility."
      },
      "concentration": {
        "largest_customer": "Undisclosed investment-grade hyperscaler",
        "ex_customer_growth_pct": null,
        "note": "About $20.2bn of the backlog, more than half, comes from three leases signed in the quarter with a single unnamed investment-grade hyperscaler. Counterparty credit is the whole risk here, and the counterparty is not named."
      },
      "revenue": {
        "ttm_usd": 611300000,
        "scope": "total_company",
        "basis": "fiscal_year",
        "derivation": "Fiscal 2026 revenue of $611.3m for the twelve months ended May 31, 2026, up 167% year over year. The period end is a fiscal year end, so the reported annual figure is the trailing twelve months with no arithmetic applied.",
        "components": null,
        "company_ttm_usd": null
      },
      "sources": [
        {
          "url": "https://ir.applieddigital.com/news-events/press-releases/detail/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year",
          "type": "primary",
          "date": "2026-07-27"
        },
        {
          "url": "https://www.globenewswire.com/news-release/2026/07/27/3333871/0/en/Applied-Digital-Reports-Fiscal-Fourth-Quarter-and-Full-Year-2026-Results.html",
          "type": "primary",
          "date": "2026-07-27"
        }
      ],
      "articles": [
        "applied-digital-apld-fq4-2026-earnings-36-billion-backlog",
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "The extreme of the table, and a category difference rather than a degree difference. This is contracted lease revenue under ASC 842 across 1.41 GW of committed IT load, not an ASC 606 remaining performance obligation, and it is the reason a coverage ratio must never be compared across metrics without checking which one is being quoted. Applied Digital has signed 59 years of its current revenue because its current revenue is tiny and the buildings are not built. The offsetting fact is on the other side of the balance sheet: about $5bn of debt against a quarterly GAAP loss.",
      "revisions": [],
      "derived": {
        "coverage_years": 58.89088827089809,
        "next_twelve_months_usd": null,
        "next_twelve_months_coverage": null,
        "beyond_twelve_months_usd": null,
        "scope_matched": true
      }
    },
    {
      "id": "coreweave-2026-q1",
      "entity": "coreweave",
      "period": {
        "label": "Q1 2026",
        "end": "2026-03-31",
        "reported": "2026-05-07"
      },
      "metric": "revenue_backlog",
      "scope": "total_company",
      "scope_note": null,
      "amount_usd": 99400000000,
      "kind": "company_stated",
      "yoy_growth_pct": 284,
      "prior_period": {
        "amount_usd": 25900000000,
        "label": "Q1 2025",
        "comparison": "year_ago"
      },
      "current_portion_usd": null,
      "duration": {
        "weighted_average_years": null,
        "pct_next_12m": null,
        "pct_next_24m": null,
        "note": "CoreWeave publishes contracted power rather than contract duration: over 1 GW active against 3.5 GW contracted at this disclosure. That says when capacity arrives, not when revenue is recognised."
      },
      "concentration": {
        "largest_customer": "Microsoft and OpenAI",
        "ex_customer_growth_pct": null,
        "note": "No ex largest customer figure. CoreWeave's backlog is built on a small number of very large counterparties: three OpenAI agreements, Microsoft, a Meta expansion to about $35bn of total commitments and an Anthropic agreement signed in April 2026."
      },
      "revenue": {
        "ttm_usd": 6238400000,
        "scope": "total_company",
        "basis": "fy_plus_ytd",
        "derivation": "Full year 2025 revenue of $5.13bn, plus Q1 2026 revenue of $2.08bn, less Q1 2025 revenue of $0.972bn.",
        "components": [
          {
            "label": "FY2025 revenue",
            "amount_usd": 5130000000
          },
          {
            "label": "Q1 2026 revenue",
            "amount_usd": 2080000000
          },
          {
            "label": "less Q1 2025 revenue",
            "amount_usd": -971600000
          }
        ],
        "company_ttm_usd": null
      },
      "sources": [
        {
          "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-First-Quarter-2026-Results/",
          "type": "primary",
          "date": "2026-05-07"
        },
        {
          "url": "https://www.cnbc.com/2026/05/07/coreweave-crwv-q1-earnings-report-2026.html",
          "type": "tier1",
          "date": "2026-05-07"
        },
        {
          "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2025-Results/",
          "type": "primary",
          "date": "2026-02-26"
        }
      ],
      "articles": [
        "coreweave-crwv-q2-2026-earnings-preview-august-11",
        "what-is-rpo-remaining-performance-obligation-explained"
      ],
      "notes": "Revenue backlog, not RPO. CoreWeave defines backlog as its remaining performance obligations plus committed contracts that do not yet meet the RPO recognition test, so it is a broader number than the ASC 606 figure and is not directly comparable with Microsoft's or Oracle's. More than $40bn of new commitments were signed in this single quarter, and management called 2026 capacity largely sold out. This row is one quarter behind the rest of the table: Q2 2026 results are due on August 11, 2026 and this row updates then.",
      "revisions": [],
      "derived": {
        "coverage_years": 15.933572710951527,
        "next_twelve_months_usd": null,
        "next_twelve_months_coverage": null,
        "beyond_twelve_months_usd": null,
        "scope_matched": true
      }
    },
    {
      "id": "oracle-fy2026-q4",
      "entity": "oracle",
      "period": {
        "label": "FY2026 Q4",
        "end": "2026-05-31",
        "reported": "2026-06-10"
      },
      "metric": "rpo",
      "scope": "total_company",
      "scope_note": null,
      "amount_usd": 638000000000,
      "kind": "company_stated",
      "yoy_growth_pct": 363,
      "prior_period": {
        "amount_usd": 553000000000,
        "label": "FY2026 Q3",
        "comparison": "prior_quarter"
      },
      "current_portion_usd": null,
      "duration": {
        "weighted_average_years": null,
        "pct_next_12m": null,
        "pct_next_24m": null,
        "note": "Oracle published neither a weighted average duration nor a 12-month recognition split with the Q4 result. On the largest backlog in the table relative to revenue, that omission is the single most important missing number in this dataset."
      },
      "concentration": {
        "largest_customer": "OpenAI",
        "ex_customer_growth_pct": null,
        "note": "Oracle has not published an ex largest customer growth rate. Its backlog is widely reported to be dominated by a roughly $300bn OpenAI compute contract, which would be close to half the total, and the company has not disclosed a figure either way."
      },
      "revenue": {
        "ttm_usd": 67400000000,
        "scope": "total_company",
        "basis": "fiscal_year",
        "derivation": "Fiscal 2026 total revenues of $67.4bn for the twelve months ended May 31, 2026, as reported. The period end is a fiscal year end, so the reported annual figure is the trailing twelve months with no arithmetic applied.",
        "components": null,
        "company_ttm_usd": null
      },
      "sources": [
        {
          "url": "https://www.oracle.com/news/announcement/q4fy26-earnings-release-2026-06-10/",
          "type": "primary",
          "date": "2026-06-10"
        },
        {
          "url": "https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Record-Q4-and-FY-2026-Results-Driven-by-Cloud-Infrastructure--Cloud-Applications/default.aspx",
          "type": "primary",
          "date": "2026-06-10"
        }
      ],
      "articles": [
        "what-is-rpo-remaining-performance-obligation-explained",
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "The widest gap between contracted revenue and current revenue of any large company on record: $638bn signed against $67.4bn of annual sales. Oracle added $85bn sequentially and grew the balance 363% in a year. Two qualifiers travel with it. Most of the Q3 and Q4 increase came from large AI contracts where the customer prepaid for GPUs or supplied the hardware itself, with the prepaid and customer supplied portions totalling about $75bn, so part of this backlog converts at a very different margin from Oracle's software revenue. And with no duration disclosed, a reader cannot tell whether 9.5 years of coverage means five years of doubled revenue or fifteen years of a slow drip.",
      "revisions": [],
      "derived": {
        "coverage_years": 9.465875370919882,
        "next_twelve_months_usd": null,
        "next_twelve_months_coverage": null,
        "beyond_twelve_months_usd": null,
        "scope_matched": true
      }
    },
    {
      "id": "boeing-2026-q2",
      "entity": "boeing",
      "period": {
        "label": "Q2 2026",
        "end": "2026-06-30",
        "reported": "2026-07-28"
      },
      "metric": "order_backlog",
      "scope": "total_company",
      "scope_note": null,
      "amount_usd": 715000000000,
      "kind": "company_stated",
      "yoy_growth_pct": null,
      "prior_period": null,
      "current_portion_usd": null,
      "duration": {
        "weighted_average_years": null,
        "pct_next_12m": null,
        "pct_next_24m": null,
        "note": "Boeing publishes no duration, but the unit count gives one: over 6,200 commercial aircraft in backlog against 171 delivered in the quarter is roughly nine years of production at the current rate. That is the closest thing to a duration disclosure in this table, and it comes from dividing two numbers Boeing does publish."
      },
      "concentration": null,
      "revenue": {
        "ttm_usd": 94050000000,
        "scope": "total_company",
        "basis": "fy_plus_ytd",
        "derivation": "Full year 2025 revenue of $89.5bn, plus first half 2026 revenue of $46.8bn ($22.2bn and $24.6bn), less first half 2025 revenue of $42.25bn. The 2025 half-year figure is derived from the reported year over year growth rates of 14% and 8% on those quarters.",
        "components": [
          {
            "label": "FY2025 revenue",
            "amount_usd": 89500000000
          },
          {
            "label": "H1 2026 revenue",
            "amount_usd": 46800000000
          },
          {
            "label": "less H1 2025 revenue",
            "amount_usd": -42250000000
          }
        ],
        "company_ttm_usd": null
      },
      "sources": [
        {
          "url": "https://boeing.mediaroom.com/2026-07-28-Boeing-Reports-Second-Quarter-Results",
          "type": "primary",
          "date": "2026-07-28"
        },
        {
          "url": "https://www.sec.gov/Archives/edgar/data/0000012927/000162828026049929/a202606jun308kprex991.htm",
          "type": "primary",
          "date": "2026-07-28"
        }
      ],
      "articles": [
        "why-is-boeing-ba-stock-up-after-a-428-million-loss",
        "boeing-ba-q2-2026-earnings-preview-july-28"
      ],
      "notes": "The reason this dataset is not an AI dataset. Boeing carries a record $715bn backlog, $597bn of it commercial aircraft, on $94bn of trailing revenue: 7.6x coverage, wider than Amazon's cloud backlog and not far off Alphabet's. Nobody calls it a bubble, because everyone already understands that an aircraft backlog converts over a decade and that the constraint is production, not demand. That is the correct frame for reading every other row here. The backlog stood at roughly $695bn at the end of Q1 2026.",
      "revisions": [],
      "derived": {
        "coverage_years": 7.60233918128655,
        "next_twelve_months_usd": null,
        "next_twelve_months_coverage": null,
        "beyond_twelve_months_usd": null,
        "scope_matched": true
      }
    },
    {
      "id": "alphabet-2026-q2",
      "entity": "alphabet",
      "period": {
        "label": "Q2 2026",
        "end": "2026-06-30",
        "reported": "2026-07-22"
      },
      "metric": "rpo",
      "scope": "segment",
      "scope_note": "The Google Cloud portion of Alphabet's remaining performance obligations. Alphabet disclosed $519.5bn of company-wide RPO at June 30, 2026, of which $513.9bn related to Google Cloud. The denominator is Google Cloud segment revenue, so numerator and denominator match.",
      "amount_usd": 513900000000,
      "kind": "company_stated",
      "yoy_growth_pct": null,
      "prior_period": null,
      "current_portion_usd": null,
      "duration": {
        "weighted_average_years": null,
        "pct_next_12m": null,
        "pct_next_24m": 50,
        "note": "Alphabet is the only company here that publishes a 24-month split instead of a 12-month one: it expects to recognise just over 50% of the backlog as revenue over the next 24 months. That is a genuine disclosure, but it is not comparable with a cRPO figure, and reading it as 50% within a year overstates near-term conversion by roughly half."
      },
      "concentration": null,
      "revenue": {
        "ttm_usd": 77620000000,
        "scope": "segment",
        "basis": "four_quarters",
        "derivation": "Google Cloud segment revenues for the four quarters to June 30, 2026: $15.16bn (Q3 2025) plus $17.66bn (Q4 2025) plus $20.0bn (Q1 2026) plus $24.8bn (Q2 2026).",
        "components": [
          {
            "label": "Google Cloud Q3 2025",
            "amount_usd": 15160000000
          },
          {
            "label": "Google Cloud Q4 2025",
            "amount_usd": 17660000000
          },
          {
            "label": "Google Cloud Q1 2026",
            "amount_usd": 20000000000
          },
          {
            "label": "Google Cloud Q2 2026",
            "amount_usd": 24800000000
          }
        ],
        "company_ttm_usd": null
      },
      "sources": [
        {
          "url": "https://s206.q4cdn.com/479360582/files/doc_financials/2026/q2/GOOG-10-Q-Q2-2026.pdf",
          "type": "primary",
          "date": "2026-07-22"
        },
        {
          "url": "https://s206.q4cdn.com/479360582/files/doc_financials/2026/q2/2026q2-alphabet-earnings-release.pdf",
          "type": "primary",
          "date": "2026-07-22"
        },
        {
          "url": "https://www.bloomberg.com/news/articles/2026-07-22/google-says-cloud-services-backlog-expands-to-514-billion",
          "type": "tier1",
          "date": "2026-07-22"
        }
      ],
      "articles": [
        "googl-q2-2026-earnings-review-search-cloud-anthropic",
        "nasdaq-100-correction-10-percent-below-record-july-29-2026",
        "what-is-rpo-remaining-performance-obligation-explained"
      ],
      "notes": "The backlog that did not save the stock. Alphabet disclosed $513.9bn of Google Cloud commitments against cloud revenue growing 82%, and the shares fell anyway, because the same quarter carried the first negative free cash flow since the 2004 IPO on $44.9bn of capex and a capex guide raised to $195bn to $205bn. Cloud backlog stood at about $155bn as recently as Q3 2025, so the balance has more than tripled inside a year. It is the cleanest scope match in the table: a segment backlog measured against that segment's own revenue.",
      "revisions": [],
      "derived": {
        "coverage_years": 6.620716310229322,
        "next_twelve_months_usd": null,
        "next_twelve_months_coverage": null,
        "beyond_twelve_months_usd": null,
        "scope_matched": true
      }
    },
    {
      "id": "amazon-2026-q2",
      "entity": "amazon",
      "period": {
        "label": "Q2 2026",
        "end": "2026-06-30",
        "reported": "2026-07-30"
      },
      "metric": "rpo",
      "scope": "segment",
      "scope_note": "Presented by management as AWS contracted commitments. Amazon's remaining performance obligation note is company-wide, but it is overwhelmingly AWS long-term cloud contracts, and the figure was disclosed on the call as the AWS backlog. The denominator here is therefore AWS segment revenue, not Amazon's total net sales.",
      "amount_usd": 496000000000,
      "kind": "company_stated",
      "yoy_growth_pct": null,
      "prior_period": {
        "amount_usd": 364000000000,
        "label": "Q1 2026",
        "comparison": "prior_quarter"
      },
      "current_portion_usd": null,
      "duration": {
        "weighted_average_years": null,
        "pct_next_12m": null,
        "pct_next_24m": null,
        "note": "No duration and no 12-month split disclosed. Andy Jassy said most planned 2027 capacity is already reserved and a significant portion of 2028 capacity has commitments against it, which is a delivery statement rather than a recognition schedule."
      },
      "concentration": {
        "largest_customer": "Anthropic",
        "ex_customer_growth_pct": null,
        "note": "No ex largest customer figure disclosed. Amazon's own multi-billion investment in Anthropic, and Anthropic's compute commitment to AWS, sit on both sides of this backlog, which is the circularity the ledger flags on the deal rows."
      },
      "revenue": {
        "ttm_usd": 148400000000,
        "scope": "segment",
        "basis": "four_quarters",
        "derivation": "AWS segment net sales for the four quarters to June 30, 2026: $33.0bn (Q3 2025) plus $35.6bn (Q4 2025) plus $37.6bn (Q1 2026) plus $42.2bn (Q2 2026). Note this is trailing revenue, not the $169bn annualised run rate Amazon quotes off the latest quarter; against the run rate the same backlog is 2.9x rather than 3.3x.",
        "components": [
          {
            "label": "AWS Q3 2025",
            "amount_usd": 33000000000
          },
          {
            "label": "AWS Q4 2025",
            "amount_usd": 35600000000
          },
          {
            "label": "AWS Q1 2026",
            "amount_usd": 37600000000
          },
          {
            "label": "AWS Q2 2026",
            "amount_usd": 42200000000
          }
        ],
        "company_ttm_usd": 775600000000
      },
      "sources": [
        {
          "url": "https://www.aboutamazon.com/news/company-news/amazon-earnings-q2-2026-report",
          "type": "primary",
          "date": "2026-07-30"
        },
        {
          "url": "https://www.cnbc.com/2026/07/30/amazon-amzn-q2-earnings-report-2026.html",
          "type": "tier1",
          "date": "2026-07-30"
        },
        {
          "url": "https://s2.q4cdn.com/299287126/files/doc_earnings/2026/q2/earnings-result/AMZN-Q2-2026-Earnings-Release.pdf",
          "type": "primary",
          "date": "2026-07-30"
        }
      ],
      "articles": [
        "amazon-q2-2026-earnings-breakdown-aws-36-percent",
        "what-is-rpo-remaining-performance-obligation-explained"
      ],
      "notes": "A $132bn single-quarter increase, from $364bn to $496bn, on the back of AWS growth accelerating to 36.7% and capex guidance rising to about $220bn. The scale of the jump is the point: a third of this backlog did not exist three months earlier. Against total Amazon net sales of $775.6bn the same number is only 0.64x, which is why the denominator has to be named. Amazon discloses less about this figure than any other hyperscaler in the table: no growth rate, no duration, no recognition schedule.",
      "revisions": [],
      "derived": {
        "coverage_years": 3.3423180592991915,
        "next_twelve_months_usd": null,
        "next_twelve_months_coverage": null,
        "beyond_twelve_months_usd": null,
        "scope_matched": true
      }
    },
    {
      "id": "microsoft-fy2026-q4",
      "entity": "microsoft",
      "period": {
        "label": "FY2026 Q4",
        "end": "2026-06-30",
        "reported": "2026-07-29"
      },
      "metric": "rpo",
      "scope": "commercial",
      "scope_note": "Commercial remaining performance obligation: Microsoft's commercial business only, which excludes consumer revenue such as Windows OEM, gaming and devices. Microsoft does not publish a matching commercial revenue line, so the coverage ratio here is measured against total company revenue and reads lower than the true commercial ratio.",
      "amount_usd": 678000000000,
      "kind": "company_stated",
      "yoy_growth_pct": 84,
      "prior_period": null,
      "current_portion_usd": null,
      "duration": {
        "weighted_average_years": 2.3,
        "pct_next_12m": 30,
        "pct_next_24m": null,
        "note": "CFO Amy Hood put the weighted average duration at 2.3 years including OpenAI on the FY26 Q4 call, with roughly 30% of the balance due to be recognised within 12 months. The near-term slice grew 37% year over year while the portion due beyond 12 months more than doubled, so the backlog is lengthening as it grows."
      },
      "concentration": {
        "largest_customer": "OpenAI",
        "ex_customer_growth_pct": 25,
        "note": "Microsoft disclosed RPO growth of 25% excluding OpenAI, and said all sequential growth came from customers outside the frontier model companies. The gap between 84% and 25% is the clearest concentration disclosure any hyperscaler has given."
      },
      "revenue": {
        "ttm_usd": 331800000000,
        "scope": "total_company",
        "basis": "fiscal_year",
        "derivation": "Fiscal 2026 revenue of $331.8bn for the twelve months ended June 30, 2026, as reported. The period end is a fiscal year end, so the reported annual figure is the trailing twelve months with no arithmetic applied.",
        "components": null,
        "company_ttm_usd": null
      },
      "sources": [
        {
          "url": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast",
          "type": "primary",
          "date": "2026-07-29"
        },
        {
          "url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4",
          "type": "primary",
          "date": "2026-07-29"
        },
        {
          "url": "https://www.cnbc.com/2026/07/29/microsoft-msft-q4-earnings-report-2026.html",
          "type": "tier1",
          "date": "2026-07-29"
        }
      ],
      "articles": [
        "what-is-rpo-remaining-performance-obligation-explained",
        "microsoft-q4-fy2026-earnings-breakdown-azure-43-percent",
        "why-is-microsoft-stock-up-today-azure-backlog-capex-relief"
      ],
      "notes": "The disclosure that reset how the market reads AI capex: $678bn of signed commercial commitments, up 84%, released into a fortnight of scepticism about spending without proof of demand, and the stock rose about 8%. Microsoft is the only company in this table disclosing all three of a duration, a 12-month split and an ex largest customer growth rate, which is why it is the benchmark for what a good disclosure looks like rather than for the size of the number.",
      "revisions": [],
      "derived": {
        "coverage_years": 2.0433996383363473,
        "next_twelve_months_usd": 203400000000,
        "next_twelve_months_coverage": 0.6130198915009042,
        "beyond_twelve_months_usd": 474600000000,
        "scope_matched": false
      }
    },
    {
      "id": "servicenow-2026-q2",
      "entity": "servicenow",
      "period": {
        "label": "Q2 2026",
        "end": "2026-06-30",
        "reported": "2026-07-22"
      },
      "metric": "rpo",
      "scope": "total_company",
      "scope_note": null,
      "amount_usd": 29000000000,
      "kind": "company_stated",
      "yoy_growth_pct": null,
      "prior_period": null,
      "current_portion_usd": 13200000000,
      "duration": {
        "weighted_average_years": null,
        "pct_next_12m": null,
        "pct_next_24m": null,
        "note": "No weighted average duration is published, but the cRPO disclosure does the same job: $13.20bn of the $29bn total, or 46%, is contracted to be recognised within 12 months. That is the subscription software shape, and it is what a healthy 2x coverage looks like."
      },
      "concentration": null,
      "revenue": {
        "ttm_usd": 14730000000,
        "scope": "total_company",
        "basis": "fy_plus_ytd",
        "derivation": "Full year 2025 total revenues of $13.278bn, plus first half 2026 revenues of $7.760bn ($3.770bn and $3.990bn), less first half 2025 revenues of $6.308bn. The 2025 half-year figure is derived from the reported year over year growth rates of 22% and 24% on those quarters, so it is accurate to roughly $5m.",
        "components": [
          {
            "label": "FY2025 total revenues",
            "amount_usd": 13278000000
          },
          {
            "label": "H1 2026 total revenues",
            "amount_usd": 7760000000
          },
          {
            "label": "less H1 2025 total revenues",
            "amount_usd": -6308000000
          }
        ],
        "company_ttm_usd": null
      },
      "sources": [
        {
          "url": "https://s205.q4cdn.com/916135447/files/doc_financials/2026/q2/ER-Q2-FY26.pdf",
          "type": "primary",
          "date": "2026-07-22"
        },
        {
          "url": "https://www.sec.gov/Archives/edgar/data/1373715/000137371526000072/erq2fy26.htm",
          "type": "primary",
          "date": "2026-07-22"
        }
      ],
      "articles": [
        "now-earnings-preview-software-on-trial",
        "what-is-rpo-remaining-performance-obligation-explained"
      ],
      "notes": "The control group. ServiceNow is what two decades of subscription software convention produce: a backlog just under two years of revenue, of which nearly half is contracted to land inside twelve months, disclosed in both total and current form every quarter. Total RPO grew 22% in constant currency and cRPO 21%, in line with subscription revenue growth of 24.5%, which is the signature of a business compounding rather than reloading. Read the AI infrastructure rows against this one: those backlogs are not bigger versions of this, they are a different shape.",
      "revisions": [],
      "derived": {
        "coverage_years": 1.9687712152070604,
        "next_twelve_months_usd": 13200000000,
        "next_twelve_months_coverage": 0.8961303462321792,
        "beyond_twelve_months_usd": 15800000000,
        "scope_matched": true
      }
    },
    {
      "id": "snowflake-fy2027-q1",
      "entity": "snowflake",
      "period": {
        "label": "FY2027 Q1",
        "end": "2026-04-30",
        "reported": "2026-05-27"
      },
      "metric": "rpo",
      "scope": "total_company",
      "scope_note": null,
      "amount_usd": 9210000000,
      "kind": "company_stated",
      "yoy_growth_pct": 38,
      "prior_period": null,
      "current_portion_usd": null,
      "duration": {
        "weighted_average_years": null,
        "pct_next_12m": null,
        "pct_next_24m": null,
        "note": "No duration or current portion published with the release. Snowflake's contracts are consumption commitments rather than seat subscriptions, so the balance converts at whatever pace customers actually run workloads, which is the reason net revenue retention of 126% matters more here than the coverage multiple."
      },
      "concentration": null,
      "revenue": {
        "ttm_usd": 5030000000,
        "scope": "total_company",
        "basis": "fy_plus_ytd",
        "derivation": "Fiscal 2026 total revenue of $4.68bn for the year ended January 31, 2026, plus first quarter fiscal 2027 total revenue of $1.39bn, less first quarter fiscal 2026 total revenue of $1.04bn.",
        "components": [
          {
            "label": "FY2026 total revenue",
            "amount_usd": 4680000000
          },
          {
            "label": "Q1 FY2027 total revenue",
            "amount_usd": 1390000000
          },
          {
            "label": "less Q1 FY2026 total revenue",
            "amount_usd": -1040000000
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        ],
        "company_ttm_usd": null
      },
      "sources": [
        {
          "url": "https://www.businesswire.com/news/home/20260527027931/en/Snowflake-Reports-Financial-Results-for-the-First-Quarter-of-Fiscal-2027",
          "type": "primary",
          "date": "2026-05-27"
        },
        {
          "url": "https://www.snowflake.com/en/news/press-releases/snowflake-reports-financial-results-for-the-fourth-quarter-and-full-year-of-fiscal-2026/",
          "type": "primary",
          "date": "2026-02-25"
        }
      ],
      "articles": [
        "what-is-rpo-remaining-performance-obligation-explained"
      ],
      "notes": "RPO grew 38% against product revenue growth of 34%, so the backlog is still outrunning the business, modestly. Coverage of 1.8x sits in the middle of the software band. The caveat specific to consumption pricing: an RPO built from capacity commitments is a promise to spend, not a schedule of deliveries, and a customer who commits and then under-consumes shows up in RPO long before it shows up in revenue.",
      "revisions": [],
      "derived": {
        "coverage_years": 1.831013916500994,
        "next_twelve_months_usd": null,
        "next_twelve_months_coverage": null,
        "beyond_twelve_months_usd": null,
        "scope_matched": true
      }
    },
    {
      "id": "salesforce-fy2027-q1",
      "entity": "salesforce",
      "period": {
        "label": "FY2027 Q1",
        "end": "2026-04-30",
        "reported": "2026-05-27"
      },
      "metric": "rpo",
      "scope": "total_company",
      "scope_note": null,
      "amount_usd": 67900000000,
      "kind": "company_stated",
      "yoy_growth_pct": 11,
      "prior_period": null,
      "current_portion_usd": 33600000000,
      "duration": {
        "weighted_average_years": null,
        "pct_next_12m": null,
        "pct_next_24m": null,
        "note": "No weighted average duration, but cRPO of $33.6bn against total RPO of $67.9bn puts 49% of the balance inside twelve months. Salesforce guides on cRPO rather than RPO, which is the honest way round: the near-term half is the half that is really contracted at a known price."
      },
      "concentration": null,
      "revenue": {
        "ttm_usd": 42800000000,
        "scope": "total_company",
        "basis": "fy_plus_ytd",
        "derivation": "Fiscal 2026 revenue of $41.5bn for the year ended January 31, 2026, plus first quarter fiscal 2027 revenue of $11.1bn, less first quarter fiscal 2026 revenue of $9.8bn.",
        "components": [
          {
            "label": "FY2026 revenue",
            "amount_usd": 41500000000
          },
          {
            "label": "Q1 FY2027 revenue",
            "amount_usd": 11100000000
          },
          {
            "label": "less Q1 FY2026 revenue",
            "amount_usd": -9800000000
          }
        ],
        "company_ttm_usd": null
      },
      "sources": [
        {
          "url": "https://www.salesforce.com/news/press-releases/2026/05/27/fy27-q1-earnings/",
          "type": "primary",
          "date": "2026-05-27"
        },
        {
          "url": "https://s205.q4cdn.com/626266368/files/doc_financials/2027/q1/CRM-Q1-FY27-Earnings-Press-Release.pdf",
          "type": "primary",
          "date": "2026-05-27"
        }
      ],
      "articles": [
        "what-is-rpo-remaining-performance-obligation-explained"
      ],
      "notes": "The maturity case. Salesforce has the second largest software backlog here in absolute terms and the second thinnest coverage at 1.6x, because a $42.8bn revenue base is already collecting most of what it signs. RPO grew 11% and cRPO 14%, both slower than revenue growth of 13% including the Informatica contribution, which is what a backlog looks like when it stops outrunning the business. Useful as the floor of the range: 1.6x is not weak demand, it is what normal looks like.",
      "revisions": [],
      "derived": {
        "coverage_years": 1.5864485981308412,
        "next_twelve_months_usd": 33600000000,
        "next_twelve_months_coverage": 0.7850467289719626,
        "beyond_twelve_months_usd": 34300000000,
        "scope_matched": true
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    },
    {
      "id": "palantir-2026-q2",
      "entity": "palantir",
      "period": {
        "label": "Q2 2026",
        "end": "2026-06-30",
        "reported": "2026-08-03"
      },
      "metric": "rpo",
      "scope": "total_company",
      "scope_note": null,
      "amount_usd": 4900000000,
      "kind": "company_stated",
      "yoy_growth_pct": 102,
      "prior_period": {
        "amount_usd": 2420000000,
        "label": "Q2 2025",
        "comparison": "year_ago"
      },
      "current_portion_usd": null,
      "duration": {
        "weighted_average_years": null,
        "pct_next_12m": null,
        "pct_next_24m": null,
        "note": "No duration or 12-month split published with the result."
      },
      "concentration": null,
      "revenue": {
        "ttm_usd": 6155000000,
        "scope": "total_company",
        "basis": "four_quarters",
        "derivation": "Total revenue for the four quarters to June 30, 2026: $1.18bn (Q3 2025) plus $1.41bn (Q4 2025) plus $1.63bn (Q1 2026) plus $1.935bn (Q2 2026).",
        "components": [
          {
            "label": "Q3 2025 revenue",
            "amount_usd": 1180000000
          },
          {
            "label": "Q4 2025 revenue",
            "amount_usd": 1410000000
          },
          {
            "label": "Q1 2026 revenue",
            "amount_usd": 1630000000
          },
          {
            "label": "Q2 2026 revenue",
            "amount_usd": 1935000000
          }
        ],
        "company_ttm_usd": null
      },
      "sources": [
        {
          "url": "https://www.sec.gov/Archives/edgar/data/1321655/000132165526000039/a2026q2ex991pressrelease.htm",
          "type": "primary",
          "date": "2026-08-03"
        },
        {
          "url": "https://investors.palantir.com/files/Palantir%20-%20Q2%202026%20Business%20Update.pdf",
          "type": "primary",
          "date": "2026-08-03"
        }
      ],
      "articles": [
        "palantir-pltr-q2-2026-earnings-preview-august-3",
        "what-is-rpo-remaining-performance-obligation-explained"
      ],
      "notes": "The most instructive row in the table, because it is the counterexample. Palantir grew revenue 93% and doubled RPO, and still has the thinnest coverage here at 0.8x, less than a year of contracted sales. The reason is definitional, not commercial: Palantir's RPO counts only non-cancellable contracted revenue, and a large share of its government work is optional or cancellable at the customer's discretion, so it never enters the disclosure. Anyone ranking AI names by RPO alone would conclude Palantir has the weakest demand in the sector, which is not what this number means.",
      "revisions": [],
      "derived": {
        "coverage_years": 0.7961007311129163,
        "next_twelve_months_usd": null,
        "next_twelve_months_coverage": null,
        "beyond_twelve_months_usd": null,
        "scope_matched": true
      }
    }
  ]
}